
Core Insights - Waystar has successfully repriced its first lien term loan, reducing the interest rate to adjusted SOFR +2.00%, a 25-basis-point decrease from previous terms, driven by strong lender demand [1][2] - The company plans to add $250 million of incremental term loans to fund the acquisition of Iodine Software, which is part of its growth strategy [1] - Since its IPO in June 2024, Waystar has reduced borrowing costs by 211 basis points through three successful repricings of the term loan [2] Company Overview - Waystar provides healthcare payment software and serves approximately 30,000 clients, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [4] - The company's platform processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims, covering about 50% of U.S. patients [4] - Waystar's mission is to simplify healthcare payments, allowing providers to focus on patient care and optimize financial performance [4] Management Perspective - The CEO of Waystar emphasized the strong demand from lenders and the favorable financing terms that will help accelerate growth and strengthen the company's competitive advantage [3] - The company is committed to innovation and delivering sustained long-term value for shareholders [3]