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ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

(MDRX)
  Report
Delayed Nasdaq  -  04:00 2022-12-02 pm EST
19.06 USD   +0.85%
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Allscripts Healthcare Solutions, Inc. and Allscripts Healthcare, LLC Enter into A Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A

05/02/2022 | 04:12pm EST

On April 29, 2022, Allscripts Healthcare Solutions, Inc. and Allscripts Healthcare, LLC (Company”, and together with Allscripts, each a “Borrower” and collectively, the “Borrowers”) entered into a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), the several banks and other financial institutions or entities from time to time party thereto as lenders and issuing banks, JPMorgan Chase Bank, N.A., Fifth Third Bank, National Association, Keybanc Capital Markets Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as joint bookrunners and joint lead arrangers, and U.S. Bank National Association, Bank of America, N.A., BMO Harris Bank N.A., Royal Bank of Canada and PNC Bank, National Association, as co-documentation agents, amending and restating the Second Amended and Restated Credit Agreement, dated February 15, 2018, as amended on August 7, 2019 and July 20, 2020 (the “Existing Credit Agreement”). The Third Amended Credit Agreement provides for a $700 million senior secured revolving facility (a decrease from the $900 million revolving facility provided for under the Existing Credit Agreement) (the “Revolving Facility”) with a five year term. A total of up to $50 million of the Revolving Facility is available for the issuance of letters of credit (of which $10 million is available on a committed basis), up to $25 million of the Revolving Facility is available for swingline loans, and up to $100 million of the Revolving Facility is available to be borrowed under certain foreign currencies.

Proceeds from the borrowings under the Third Amended Credit Agreement were used for the refinancing of loans under the Existing Credit Agreement. As of the closing date of the Third Amended Credit Agreement, approximately $175.0 million of principal in revolving loans and approximately $1.0 million of letters of credit are outstanding under the Revolving Facility. The proceeds of the Revolving Facility are available to be used to finance Allscripts' and its subsidiaries working capital needs and for general corporate purposes, including, without limitation, financing of capital expenditures, permitted acquisitions and investments.

The Borrowers are also permitted to add one or more incremental revolving and/or term loan facilities in an aggregate amount of up to $350 million, plus an unlimited amount so long as the pro forma senior secured net leverage ratio of Allscripts does not exceed 2.50 to 1.0, in each case subject to certain conditions. Interest on the outstanding principal amount of the loans accrues at a per annum rate equal to the Alternate Base Rate, the Adjusted Term SOFR Rate, the Adjusted Daily Simple RFR (for borrowings in Pound Sterling, based on SONIA, and for borrowings in U.S. Dollars, based on Daily Simple SOFR) or the Adjusted EURIBOR Rate for borrowing in Euros, as applicable and each as defined in the Third Amended Credit Agreement, in each case, plus an applicable rate and applicable credit spread adjustment. The applicable rate ranges from 1.375% to 2.25% in the case of Term Benchmark loans or RFR loans, each as defined in the Third Amended Credit Agreement, and 0.375% to 1.25% in the case of the Alternate Base Rate loans, in each case, based on the total net leverage ratio of Allscripts with an adjustment ranging from 4.00 to 1.00 (or greater) to 1.75 to 1.00 (or less).

Interest on the loans is payable (i) quarterly in arrears in the case of Alternate Base Rate loans, (ii) on the last day of the relevant interest period in the case of Term Benchmark loan, and (iii) and monthly in arrears in the case of RFR loans. In addition, the Borrowers are obligated to pay a quarterly commitment fee based on the unused portion of the Revolving Facility at the applicable rate ranging from 0.175% to 0.35% based on the total net leverage ratio of Allscripts, quarterly participation fees with respect to outstanding letters of credit based on the maximum amount available to be drawn under each outstanding letter of credit at the applicable rate same as the applicable rate to Term Benchmark loan then in effect, and quarterly fronting fees to each issuing bank with respect to each letter of credit issued by such issuing bank based on the maximum amount available to be drawn under each such outstanding letter of credit at 0.125%. Subject to certain agreed upon exceptions, all obligations under the Revolving Facility are guaranteed by each of Allscripts' existing and future direct and indirect material domestic subsidiaries of Allscripts, other than Coniston Exchange LLC, and other Excluded Subsidiaries (as defined in the Third Amended Credit Agreement) (the “Guarantors”) pursuant to the Amended and Restated Guarantee and Collateral Agreement, dated as of April 29, 2022 (the “Guarantee and Collateral Agreement”) among Allscripts, the Company, the Guarantors, and the Administrative Agent, which amends and restates that certain Guarantee and Collateral Agreement, dated as of June 28, 2013.


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Financials (USD)
Sales 2022 615 M - -
Net income 2022 1,69 M - -
Net cash 2022 300 M - -
P/E ratio 2022 -318x
Yield 2022 -
Capitalization 2 082 M 2 082 M -
EV / Sales 2022 2,90x
EV / Sales 2023 2,74x
Nbr of Employees 8 000
Free-Float 38,1%
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Technical analysis trends ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 19,06 $
Average target price 22,00 $
Spread / Average Target 15,4%
EPS Revisions
Managers and Directors
Richard J. Poulton Chief Executive Officer & Director
Thomas Langan President
Leah Jones Vice President-Finance & Sales Support
Joseph R. Rostock Chief Technology Officer & SVP-Product Engineering
Tejal Vakharia Chief Compliance Counsel & Senior VP
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