NeueHealth Enters into Amendment to its Credit Facility
09 Abril 2024 - 4:29PM
Business Wire
NeueHealth, Inc. (“NeueHealth” or the “Company”) (NYSE: NEUE),
the value-driven healthcare company, today announced that it
entered into an incremental amendment to its credit facility with
New Enterprise Associates (“NEA”) that increases the term loan
commitment by $30 million on April 8, 2024. The proceeds of the
incremental commitment are intended to be used for general
corporate purposes, including to support the Company’s 2024
strategic priorities.
In connection with the incremental credit facility, NeueHealth
also announced that it will issue penny warrants to purchase up to
1,113,563 shares of the Company’s common stock to the lenders under
such incremental credit facility. The warrant issuance would
typically require approval of shareholders, however NeueHealth’s
Audit Committee of the Board of Directors determined that delaying
the debt financing transaction (which includes the issuance of
warrants) until shareholder approval would jeopardize the financial
viability of the Company. Therefore, the Audit Committee approved
the Company’s omission to receive shareholder approval. NeueHealth
expects to formally notify stockholders as soon as practicable
after the date hereof that it intends to issue penny warrants in
connection with the funding of loans under the incremental credit
facility without seeking their approval. The New York Stock
Exchange (the “NYSE”) has approved the Company’s reliance on the
exception provided under Section 312.05 of the NYSE’s Listed
Company Manual.
About NeueHealth
NeueHealth is a value-driven healthcare company grounded in the
belief that all health consumers are entitled to high-quality,
coordinated care. By uniquely aligning the interests of health
consumers, providers, and payors, NeueHealth helps to make
healthcare accessible and affordable to all populations across the
ACA Marketplace, Medicare, and Medicaid. NeueHealth delivers
high-quality clinical care to over 460,000 health consumers through
owned clinics and unique partnerships with over 3,000 affiliated
providers. We also enable independent providers and medical groups
to thrive in performance-based arrangements through a suite of
technology and services scaled centrally and deployed locally. We
believe our value-driven, consumer-centric care model can transform
the healthcare experience and maximize value across the healthcare
system. For more information, visit: www.neuehealth.com.
Forward-Looking Statements
Statements made in this release that are not statements of
historical fact, including statements about our beliefs and
expectations, are forward-looking statements and should be
evaluated as such. Forward-looking statements include information
concerning possible or assumed future results of operations,
including descriptions of our business plan and strategies. These
statements often include words such as “anticipate,” “expect,”
“plan,” “believe,” “intend,” “project,” “forecast,” “estimates,”
“projections,” “outlook,” “ensure,” and other similar expressions.
These forward-looking statements include any statements regarding
our plans and expectations. Such forward-looking statements are
subject to various risks, uncertainties and assumptions.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. Factors that might materially affect
such forward-looking statements include: our ability to raise
capital continue as a going concern; our ability to comply with the
terms of our credit facility or any credit facility into which we
enter in the future and/or obtain any waivers of any such credit
agreements; our ability to receive the remaining proceeds from the
sale of our Medicare Advantage (“MA”) business in California in a
timely manner; our ability to obtain any short or long term debt or
equity financing needed to operate our business; our ability to
quickly and efficiently complete the wind down our Individual and
Family Plan businesses and MA businesses outside of California,
including by satisfying liabilities of those businesses when due
and payable; potential disruptions to our business due to corporate
restructuring and any resulting headcount reduction; our ability to
accurately estimate and effectively manage the costs relating to
changes in our businesses offerings and models; a delay or
inability to withdraw regulated capital from our subsidiaries; a
lack of acceptance or slow adoption of our business model; our
ability to retain existing consumers and expand consumer
enrollment; our and our Care Partner’s abilities to obtain and
accurately assess, code, and report risk adjustment factor scores;
the ability of our payor partners to pay amounts due to us in a
timely manner, or at all; the solvency of our vendors and other
business partners; our ability to contract with care providers and
arrange for the provision of quality care; our ability to obtain
claims information timely and accurately; the impact of any
pandemic or epidemic on our business and results of operations; the
risks associated with our reliance on third-party providers to
operate our business; the impact of modifications or changes to the
U.S. health insurance markets; our ability to manage any growth of
our business; our ability to operate, update or implement our
technology platform and other information technology systems; our
ability to retain key executives; our ability to successfully
pursue acquisitions, integrate acquired businesses and divest
businesses as needed; the occurrence of severe weather events,
catastrophic health events, natural or man-made disasters, and
social and political conditions or civil unrest; our ability to
prevent and contain data security incidents and the impact of data
security incidents on our members, patients, employees and
financial results; our ability to comply with requirements to
maintain effective internal controls; our ability to adapt to the
risks associated with our ACO Reach businesses, including any
unanticipated market or regulatory developments; and the other
factors set forth under the heading “Risk Factors” in the Company’s
reports on Form 10-K, Form 10-Q, and Form 8-K (including all
amendments to those reports) and our other filings with the SEC.
Except as required by law, we undertake no obligation to update
publicly any forward-looking statements for any reason after the
date of this release to conform these statements to actual results
or changes in our expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240409794679/en/
Investor Contact: IR@neuehealth.com
Media Contact: media@neuehealth.com
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