Waystar Holding Corp. filed SEC Form 8-K: Creation of a Direct Financial Obligation, Entry into a Material Definitive Agreement, Financial Statements and Exhibits

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 27, 2024

Waystar Holding Corp.

(Exact name of registrant as specified in its charter)

1550 Digital Drive, #300

Lehi, Utah 84043

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (844) 492-9782

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

On June 27, 2024, certain subsidiaries of Waystar Holding Corp. (the “Company”) entered into Amendment No. 9 (“Amendment No. 9”) to the First Lien Credit Agreement, dated as of October 22, 2019 (as amended by the First Amendment thereto, dated as of December 2, 2019, the Second Amendment thereto, dated as of September 23, 2020, the Third Amendment thereto, dated as of March 24, 2021, the Fourth Amendment thereto, dated as of August 24, 2021, the Fifth Amendment thereto, dated as of June 1, 2023, the Sixth Amendment thereto, dated as of June 23, 2023, the Seventh Amendment thereto, dated as of October 6, 2023, and the Eighth Amendment thereto, dated as of February 9, 2024, and as further amended, restated, supplemented, or otherwise modified from time to time prior to the date of Amendment No. 9, the “Existing Credit Agreement”; the Existing Credit Agreement, as amended by Amendment No. 9, the “Credit Agreement”), among Waystar Technologies, Inc. as borrower (the “Borrower”), Waystar Intermediate, Inc. and certain subsidiaries of the Borrower as guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties party thereto.

Pursuant to Amendment No. 9, among other things, the Borrower’s $1,290,900,000 aggregate outstanding principal amount of dollar denominated term loans under the Existing Credit Agreement (the “Existing Term Loans”) were fully refinanced with replacement term loans (“Term Loans”) bearing interest at a rate per annum equal to, at the election of the Borrower, either (i) Adjusted Term SOFR (as defined in the Credit Agreement) (subject to a floor of 0.00%), plus an applicable rate of 2.75% or (ii) an Alternate Base Rate (“ABR”) (subject to a floor of 1.00%), plus an applicable margin rate of 1.75%. The ABR is determined as the highest of (a) the Prime Rate (as defined in the Credit Agreement), (b) the NYFRB Rate (as defined in the Credit Agreement), plus 0.50%, and (c) the Adjusted Term SOFR for a one month interest period plus 1.00%.

In the event that, on or prior to the date that is six (6) months after the closing date with respect to Amendment No. 9, the Borrower effects a Repricing Transaction (as defined in the Credit Agreement) with respect to the Term Loans, such Repricing Transaction shall be subject to a customary 1.00% premium.

Except as otherwise described above, the Term Loans are subject to substantially similar terms relating to maturity date, guarantees, collateral, mandatory prepayments, and covenants that were applicable to the Existing Term Loans under the Existing Credit Agreement. There was no change to the Company’s outstanding indebtedness or borrowing capacity in connection with Amendment No. 9.

The foregoing description of Amendment No. 9 is a summary and is qualified in its entirety by reference to Amendment No. 9, a copy of which is attached hereto as Exhibit 10.1 and which is incorporated herein by reference.

The information set forth above under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 2.03.

(d) Exhibits.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.