Ardent Health completes revaluation of term loan

Ardent Health (NYSE: ARDT) today announced that it has amended its Term Loan Credit Agreement with its lenders to repricing its term loans. The repricing reduces the applicable interest rate by 50 basis points from Term Secured Overnight Financing Rate (SOFR) plus 3.25% to Term SOFR plus 2.75%, and also eliminates the credit spread adjustment. There are no changes to the term of the loans following the repricing and all other terms are substantially unchanged. The amended credit agreement is expected to reduce Ardent’s borrowing costs and result in annual interest expense savings of approximately $5 million.

“This opportunistic term loan upgrade enhances our free cash flow conversion and provides incremental flexibility as we execute on our capital allocation priorities,” said Alfred Lumsdaine, Ardent’s Chief Financial Officer. “Optimizing our cost of capital further facilitates our goal of efficiently investing in high-growth opportunities as we continue to expand our consumer-focused healthcare model and create shareholder value over the long term.”