Waystar Enhances Financial Flexibility with Favorable Term Loan Repricing

Waystar, a healthcare payment software provider, has successfully repriced its first lien term loan to adjusted SOFR +2.00%, a 25-basis-point reduction from prior terms. The company will also add $250 million in incremental term loans to fund a portion of its Iodine Software acquisition. This demonstrates lenders' confidence in Waystar's balance sheet and strong cash flow generation.

Waystar, a leading healthcare payment software provider, has successfully repriced its first lien term loan to adjusted SOFR +2.00%, representing a 25-basis-point reduction from prior terms. This financial maneuver underscores the company's strong balance sheet and robust cash flow generation, as evidenced by substantial demand from lenders for the transaction [1].

The repricing, which occurred on August 12, 2025, also includes an additional $250 million in incremental term loans under the same favorable terms. These funds will be used to support a portion of Waystar's acquisition of Iodine Software, a move aimed at accelerating the AI-powered transformation of healthcare payments [2]. The acquisition is expected to expand Waystar's total addressable market by more than 15% and contribute to its financial profile through a highly recurring subscription-based business model.

Waystar's successful repricing is a testament to its financial flexibility and the confidence lenders have in the company's ability to generate strong cash flows. The transaction marks the third time Waystar has repriced its first lien term loan since its initial public offering in June 2024, resulting in a cumulative reduction of borrowing costs by 211 basis points [1].

In addition to the repricing, Waystar has seen its debt rating reaffirmed by S&P, Moody's, and Fitch, further solidifying its financial standing. The company's CEO, Matt Hawkins, emphasized the significance of the favorable financing terms in positioning Waystar to accelerate growth and strengthen its competitive advantage.

Waystar's mission-critical software is designed to simplify healthcare payments, enabling providers to prioritize patient care and optimize their financial performance. With a client base of approximately 30,000, representing over 1 million distinct providers, Waystar's enterprise-grade platform processes over 6 billion healthcare payment transactions annually [1].

References:
[1] https://www.prnewswire.com/news-releases/waystar-enhances-financial-flexibility-with-term-loan-repricing-302528217.html
[2] https://www.healthcareittoday.com/2025/08/11/waystar-to-acquire-iodine-software-accelerating-the-ai-powered-transformation-of-healthcare-payments/