Qtrly Debt Check: Debt Mostly Fixed For HC Coverage, So Rate Direction's Benign

研报英文原文证据摘录

Qtrly Debt Check: Debt Mostly Fixed For HC Coverage, So Rate Direction's Benign

total debt outstanding, TDOC (100%), AGL (49%), MD (29%), have•

the highest 2027 debt maturities in our coverage. Our view is that most of these companies Exhibit 4 - H/C Svcs Companies With The

Lowest Leverage Ratios

have sufficient cash balances/FCF and access to capital markets, so they should be able to Net Debt / Adj. EBITDA (CY2026E)

refinance these debt maturities. -12.4x ODD

-11.4x AGL

Notable Recent Debt Refinancing/Redemptions: -4.4x CCRN

-2.7x PRVA

CYH: In May, Community Health redeemed $368MM of its 2031 notes and $231MM of its 2032 -2.4x DOCS•

notes, via a tender offer funded by proceeds from the Crestwood and Northwest divestitures. -0.9x PGNY

EHC: In May, Encompass issued $500MM of 5.875% senior notes due 2034 and used the -0.1x ADUS• 0.1x PHR

proceeds to redeem at par $400MM in aggregate principal amount of its outstanding 4.500% .

Senior Notes due 2028 and repay $100MM of the outstanding amounts under the Company's Source: Jefferies, Company Data

senior secured revolving credit facility.

HCA: In April, HCA announced an offering of $3,000MM of senior notes at various maturities•

to repay the outstanding balance of its commercial paper program and the repayment of the

senior notes due in '26.

MCK: On April 1st, a subsidiary of the Company, McKesson Medical-Surgical Top Holdings,•

Inc., entered into the MMS Credit Agreement. Net proceeds received from the issuance were

$993MM, and were used for a payment of principal on an intercompany loan.

RDNT: In June, RadNet announced a $250MM incremental term loan to fund strategic growth (615) 963-8338 | btanquilut@jefferies.com• Brian Tanquilut * | Equity Analyst

opportunities.