AdaptHealth Corp. Announces $ 300 Million Expansion of Credit Facilities to Fund Planned M&A Activities

PLYMOUTH MEETING, PA – (BUSINESS WIRE) –AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a national leader in providing patient-focused, technology-driven chronic disease management solutions including home health care equipment, home medical supplies and related services in the United States, announced today that it has amended its senior secured credit facilities to increase its term loan by $ 100 million and increase the maximum borrowing capacity under its revolving credit facility of $ 250 million from $ 450 million to $ 450 million. The proceeds of the additional term loan will be primarily used to repay all existing revolving credit borrowings and the entire $ 450 million revolving credit facility will be made available to the Company to finance acquisitions and for the purposes of general company policies. The principal terms of the senior secured credit facilities, including interest rates, principal amortization and covenants, remain unchanged.

Steve Griggs, Co-CEO of AdaptHealth, said, “We appreciate the support from the company’s lenders as we continue to execute on the company’s growth strategy. By leveraging the combination of AdaptHealth and AeroCare in February 2021, we see sustainable opportunities to continue to grow through strategic and accretive acquisitions across all of our core businesses. The additional funding is critical to our ability to act quickly and take advantage of these opportunities. Having completed 245 acquisitions on a combined basis since 2012 (85 completed by AdaptHealth and 160 by AeroCare), I am confident that our acquisition program will continue to make a substantial contribution to AdaptHealth’s future financial success. ”

Josh Parnes, President of AdaptHealth, also said, “We are also very pleased with the progress we have made in integrating the operations of AdaptHealth and AeroCare. We are confident that these integration efforts will enhance our ability to integrate future acquisitions into our best-in-class technology platforms and drive internal processes and operational efficiency. ”

Regions Capital Markets, a division of Regions Bank, acted as lead manager and sole administrative agent under the Incremental Senior Secured Credit Facility, and Citizens Bank, NA and Truist Securities, Inc. acted as as joint leaders in the expansion of the credit agreement.

About AdaptHealth Corp.

AdaptHealth is a national leader in providing patient-centered, technology-based chronic disease management solutions including home care equipment, home medical supplies and related services in the United States. AdaptHealth offers a full line of medical products and solutions designed to help patients manage chronic disease at home, adjust to life and thrive. Product and service offerings include (i) sleep therapy equipment, related supplies and services (including CPAP and bi PAP services) for people with obstructive sleep apnea, (ii) devices medical and patient supplies for the treatment of diabetes (including continuous glucose monitors and insulin pumps), (iii) home medical equipment (MCH) for discharging acute care patients and other facilities, (iv) oxygen and related chronic therapy services at home, and (v) other HME medical devices and supplies on behalf of chronically ill patients with wound care, urology needs , incontinence, ostomy and diet. The company is proud to partner with an extensive and diverse network of referral sources, including acute care hospitals, sleep laboratories, pulmonologists, skilled nursing facilities and clinics. AdaptHealth Beneficiaries of Medicare, Medicaid, and commercial insurance payers. AdaptHealth serves nearly 3 million patients per year in all 50 states through its network of more than 500 sites in 46 states. Learn more about www.adapthealth.com.

Forward-looking statements

This press release contains certain statements which are not historical facts, but are forward-looking statements for the purposes of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by such words. that “believe,” “May”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan” , “predict”, “potential”, “seem”, “seek”, “future”, “outlook” and similar expressions which predict or indicate future events or trends or which are not statements about historical matters. These forward-looking statements include, without limitation, statements regarding projections, estimates and forecasts of revenues and other financial and performance measures and projections of market opportunities and expectations and the pipeline of acquisitions of the company. These statements are based on various assumptions and current expectations of AdaptHealth management and are not actual performance predictions. These forward-looking statements are provided for informational purposes only and are not intended to be used as and should not be relied upon by any investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the company.

These forward-looking statements are subject to a number of risks and uncertainties, including the result of legal and administrative proceedings to which the Company may become a party or of government investigations to which the Company may be subject and which may interrupt or limit operations. of the Company, result in unfavorable judgments, settlements or fines and create negative publicity; changing preferences, prospects and competitive conditions of the Company’s healthcare customers; and the impact of the recent coronavirus (COVID-19) pandemic and society’s response to it. A more detailed description of these risks and uncertainties can be found in the documents filed by the company with the Securities and Exchange Commission. If the risks materialize or if the assumptions prove to be incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company is currently aware of or that the Company currently believes to be immaterial which could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements reflect the company’s expectations, plans or forecasts regarding future events and opinions as of the date of this press release. The company expects that subsequent events and developments will cause the valuations of the company to change. However, although the company may choose to update these forward-looking statements at some time in the future, the company expressly disclaims any obligation to do so. These forward-looking statements should not be taken as representative of the assessments of the company as of any date subsequent to the date of this press release. Therefore, one should not place undue reliance on forward-looking statements.


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