v3.26.1
Long-Term Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
As of June 30, 2026, the Company’s long-term debt and notes payable are as follows:
Principal OutstandingUnamortized Premium (Discount)Unamortized Issuance CostsCarrying Value
(in thousands)
6.875% senior notes
$650,000 $— $(9,570)$640,430 
Credit facilities:
Revolving Credit Facility
— — — — 
Term Loan
938,125 (762)(9,814)927,549 
Other debt(1)
5,644 — — 5,644 
Total debt$1,593,769 $(762)$(19,384)$1,573,623 
As of June 30, 2026, principal maturities of the Company’s long-term debt and notes payable are as follows:
20262027202820292030ThereafterTotal
(in thousands)
6.875% senior notes
$— $— $— $— $— $650,000 $650,000 
Credit facilities:
Revolving Credit Facility
— — — — — — — 
Term Loan
4,750 9,500 9,500 9,500 9,500 895,375 938,125 
Other debt(1)
2,729 693 722 381 216 903 5,644 
Total debt$7,479 $10,193 $10,222 $9,881 $9,716 $1,546,278 $1,593,769 
As of December 31, 2025, the Company’s long-term debt and notes payable are as follows:
Principal OutstandingUnamortized Premium (Discount)Unamortized Issuance CostsCarrying Value
(in thousands)
6.875% senior notes
$650,000 $— $(10,356)$639,644 
Credit facilities:
Revolving Credit Facility
— — — — 
Term Loan
942,875 (839)(10,789)931,247 
Other debt(1)
3,505 — — 3,505 
Total debt$1,596,380 $(839)$(21,145)$1,574,396 
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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.
Credit Facilities
On July 26, 2024, CHSI entered into a senior secured credit agreement (the “Credit Agreement”) that initially provided 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. 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.
At June 30, 2026, the Company had $430.2 million of availability under its Revolving Credit Facility, after giving effect to $19.8 million of outstanding letters of credit. At June 30, 2026, the Company had no outstanding borrowings under its Revolving Credit Facility.
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 June 30, 2026, CHSI’s leverage ratio was 2.99x.
6.875% Senior Notes
On July 11, 2024, the Company completed a private offering by its wholly owned subsidiary, Concentra Escrow Issuer Corporation (the “Escrow Issuer”), of $650.0 million aggregate principal amount of 6.875% senior notes due July 15, 2032 (the “Senior Notes”). On July 26, 2024, Escrow Issuer merged with and into CHSI, with CHSI continuing as the surviving entity, and CHSI assumed Escrow Issuer’s obligations under the Senior Notes. The Senior Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and certain of its wholly owned subsidiaries. Interest on the Senior Notes accrues at a rate of 6.875% per annum and is payable semi-annually in cash in arrears on January 15 and July 15 of each year, commencing on January 15, 2025.
At June 30, 2026, the Company had $650.0 million of the Senior Notes outstanding (excluding unamortized premium and debt issuance costs of $9.6 million).