Waystar (NASDAQ: WAY) has announced the repricing of its first lien term loan due October 2029, securing more favorable terms as it advances its growth strategy. The transaction reduces the interest rate on the term loan to adjusted SOFR +2.00%, a 25-basis-point reduction from prior terms. Additionally, Waystar will add $250 million of incremental term loans to the facility under the same terms, subject to the closing of the previously announced Iodine Software acquisition.
This repricing marks the third time Waystar has successfully repriced the first lien term loan, reducing borrowing costs by 211 basis points since its initial public offering in June 2024. S&P, Moody’s, and Fitch have reaffirmed Waystar’s debt rating and stable outlook in recent weeks.
Matt Hawkins, Chief Executive Officer of Waystar, highlighted the strong demand from the lender community and the company's ability to secure more favorable financing terms, positioning them to accelerate growth and strengthen their competitive advantage.
With approximately 30,000 clients and over 1 million distinct providers, Waystar's enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims, spanning approximately 50% of U.S. patients.
The repricing underscores lender conviction in Waystar’s balance sheet and strong cash flow generation, reflecting the company's proven track record of innovation and delivering results. As a result of these announcements, the company's shares have moved 0.29% on the market, and are now trading at a price of $34.58. If you want to know more, read the company's complete 8-K report here.
