Long-Term Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

As of September 30, 2025, the Company’s long-term debt is as follows:

	Principal Outstanding		Unamortized Premium (Discount)		Unamortized Issuance Costs		Carrying Value
	(in thousands)
6.875% senior notes	$	650,000	$	—	$	(10,748)	$	639,252
Credit facilities:
Revolving Credit Facility	35,000		—		—		35,000
Term Loan	945,250		(878)		(11,234)		933,138
Other debt(1)	4,995		—		—		4,995
Total debt	$	1,635,245	$	(878)	$	(21,982)	$	1,612,385

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(1)        Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases.

As of September 30, 2025, principal maturities of the Company’s long-term debt and notes payable are as follows:

	2025		2026		2027		2028		2029		Thereafter		Total
	(in thousands)
6.875% senior notes	$	—	$	—	$	—	$	—	$	—	$	650,000	$	650,000
Credit facilities:
Revolving Credit Facility	—		—		—		—		35,000		—		35,000
Term Loan	2,375		9,500		9,500		9,500		9,500		904,875		945,250
Other debt(1)	1,557		1,221		487		504		161		1,065		4,995
Total debt	$	3,932	$	10,721	$	9,987	$	10,004	$	44,661	$	1,555,940	$	1,635,245

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(1)        Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases.

As of December 31, 2024, the Company’s long-term debt and notes payable are as follows:

	Principal Outstanding		Unamortized Premium (Discount)		Unamortized Issuance Costs		Carrying Value
	(in thousands)
6.875% senior notes	$	650,000	$	—	$	(11,925)	$	638,075
Credit facilities:
Term Loan	847,875		(995)		(11,468)		835,412
Other debt(1)	5,523		—		—		5,523
Total debt	$	1,503,398	$	(995)	$	(23,393)	$	1,479,010

____________________________________________

(1)        Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases.

Credit Facilities

On July 26, 2024, CHSI, a wholly-owned subsidiary of Concentra, entered into a senior secured credit agreement (the “Credit Agreement”) that provides for an $850.0 million term loan (the “Term Loan”), and a $400.0 million revolving credit facility, including a $75.0 million sublimit for the issuance of standby letters of credit (the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facilities”). In March 2025, the Company completed an amendment to the Credit Agreement to increase our Revolving Credit Facility by $50.0 million from $400.0 million to $450.0 million. The interest rate for the Revolving Credit Facility has been reduced from the Term Secured Overnight Financing Rate (“Term SOFR”) plus 2.50% to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including a 25-basis point step down at a net leverage ratio of ≤3.50x. In addition, the amendment to the Credit Agreement also added new debt through an incremental term loan of $102.1 million, which provides an updated Term Loan of $950.0 million. The Term Loan interest rate has been reduced from Term SOFR plus 2.25% down to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including 25-basis point step down at a net leverage ratio of ≤3.25x.

At September 30, 2025, the Company had $393.0 million of availability under its Revolving Credit Facility after giving effect to $35.0 million of borrowings under the Revolving Credit Facility and $22.0 million of outstanding letters of credit.

The Credit Facilities require CHSI to maintain a leverage ratio (as defined in the Credit Agreement), which is tested quarterly and currently must not be greater than 6.5 to 1.0. As of September 30, 2025, our leverage ratio was 3.6x.