MIAMI, Jan. 14, 2022 /PRNewswire/ -- Cano Health, Inc.
(NYSE: CANO) announced today that its wholly-owned subsidiary, Cano
Health, LLC ("Cano Health"), completed a repricing of its
approximately $644.4 million senior
secured Term Loan B maturing November 23,
2027 (the "Term Loan").
The Term Loan will bear interest using a forward looking-term
rate based on the secured overnight financing rate ("Term SOFR"),
replacing LIBOR as the reference rate. Based on current Term
SOFR rates, the overall pricing of the Term Loan was reduced by
0.75% to the sum of (i) Term SOFR plus a credit spread adjustment
("CSA") and (ii) 4.00%, with a Term SOFR plus CSA floor of
0.50%. Previously, the Term Loan was priced at LIBOR plus
4.50% with a LIBOR floor of 0.75%.
About Cano Health
Cano Health operates value-based primary care medical centers
and supports affiliated medical practices that specialize in
primary care for seniors in Florida, Texas, Nevada, New
York, New Jersey,
New Mexico, California, Illinois, and Puerto
Rico, with additional markets in development. As part of its
care coordination strategy, Cano Health provides sophisticated,
high-touch population health management programs including
telehealth, prescription home delivery, wellness programs,
transition of care, and high-risk and complex care management.
Cano Health's personalized patient care and proactive approach
to wellness and preventive care sets it apart from competitors.
Cano Health has consistently improved clinical outcomes while
reducing costs, affording patients the opportunity to lead longer
and healthier lives. Cano Health serves a predominantly minority
population (80% of its patients are Latino or African American) and
low-income population (50% of its members are dual eligible for
Medicare and Medicaid). For more information visit
www.canohealth.com or www.canohealth.com/investors/.
Investor Relations Contacts:
Alan Oshiki or Sydney
(212) 371-5999 / (713) 817-9346
firstname.lastname@example.org / email@example.com
Media Relations Contact:
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SOURCE Cano Health, Inc.