Waystar secures favorable term loan repricing, adds $250 million

LEHI, Utah, and LOUISVILLE, Ky. - Waystar (NASDAQ:WAY), a healthcare payment software provider with a market capitalization of $6.01 billion, announced Tuesday it has successfully repriced its first lien term loan due October 2029, reducing the interest rate to adjusted SOFR +2.00%, a 25-basis-point reduction from previous terms. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 3.43.

The company will also add $250 million of incremental term loans under the same conditions, subject to the closing of its previously announced acquisition of Iodine Software. The additional funds will help finance a portion of this acquisition.

According to the company, the repricing transaction received substantial demand from both new and existing lenders, marking Waystar’s third successful repricing of the first lien term loan. Since its initial public offering in June 2024, the company has reduced its borrowing costs by 211 basis points.

"With strong demand from the lender community, Waystar secured even more favorable financing terms that position us to accelerate growth, while strengthening our competitive advantage," said Matt Hawkins, Chief Executive Officer of Waystar.

Major credit rating agencies including S&P, Moody’s, and Fitch have reaffirmed Waystar’s debt rating and stable outlook in recent weeks, the company stated.

Waystar serves approximately 30,000 clients representing over 1 million distinct healthcare providers. Its platform processes over 6 billion healthcare payment transactions annually, handling over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients, according to the press release statement.

The company completed its initial public offering in June 2024 and continues to focus on healthcare payment software solutions.

In other recent news, Waystar Holding Corp reported its second-quarter 2025 earnings, surpassing expectations with an earnings per share (EPS) of $0.36 and revenue of $271 million. The company experienced a 15% year-over-year growth in revenue, which prompted an upward revision of its full-year revenue guidance. These developments highlight the company’s strong performance in the recent quarter. Additionally, the earnings announcement has been positively received by investors. Analysts have taken note of Waystar’s financial results, although specific upgrades or downgrades were not mentioned in the available information. The company’s financial achievements and revised guidance are significant for investors to consider. These recent developments provide insight into Waystar’s current business trajectory.

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