Performant Financial Corporation Announces $35MM Debt Refinancing
“Our new commercial banking relationship with
“We are excited at the flexibility this new arrangement will help provide to allow us to continue to execute on our growth strategy and ultimately drive value to our clients and shareholders,” added
The credit facility has a maturity in December of 2026, with a fully funded
“MUFG Union Bank is excited to be Performant’s financial partner for this credit facility,” said Anvar Hodjaev, Managing Director and Head of Healthcare for Commercial Banking. “Performant has been growing their presence in the healthcare IT space substantially and we are proud to provide the refinancing necessary to support their continued growth and help them with their strategic goals.”
Additional details regarding the Company's financing are included in the Company’s Current Report on Form 8-K which is expected to be filed on
About
Performant provides technology-enabled audit, recovery, and analytics services in
Powered by a proprietary analytic platform and workflow technology, Performant also provides professional services related to the recovery effort, including reporting capabilities, support services, customer care and stakeholder training programs meant to mitigate future instances of improper payments. Founded in 1976, Performant is headquartered in
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our outlook for revenues, net income (loss), and adjusted EBITDA in 2020 and beyond. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the material adverse impact of the COVID-19 pandemic on our business, results of operations and financial condition as well as on the business operations and financial performance of many of our customers, that the Company may not have sufficient cash flows from operations to fund ongoing operations and other liquidity needs, that the Company’s indebtedness could adversely affect its business and financial condition and could reduce the funds available for other purposes and the failure to comply with covenants contained in its credit agreement could result in an event of default that could adversely affect its results of operations, that the Company faces a long period to implement a new contract which may result in the incurring of expenses before the receipt of revenues from new client relationships, the high level of revenue concentration among the Company's largest customers and any termination in the Company’s relationship with any of our significant clients would result in a material decline in our revenues, that many of the Company's customer contracts are subject to periodic renewal, are not exclusive, do not provide for committed business volumes and may be changed or terminated unilaterally and on short notice, that the Company may not be able to manage its potential growth effectively, that the Company faces significant competition in all of its markets, that continuing limitations on the scope of our audit activity under our RAC contracts have significantly reduced our revenue opportunities with this client, that the
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Investor Relations
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