Accendra Health

Leverage is the core weakness. As of March 31, 2026, total debt was ~2.10 billion, cash ~337 million and net debt ~1.77 billion. TTM adjusted EBITDA is roughly 337 million, implying net leverage of ~5.2x. Q1 2026 interest expense was ~32 million, or ~125 to 130 million run-rate, resulting in modest interest coverage.

The announced optimization extends maturities and may reduce funded debt by up to ~115 million, but coupons step up to 9.00 percent to 9.75 percent on new secured notes, keeping interest burden meaningful.