Waystar Enhances Financial Flexibility with Term Loan Repricing

Strong cash flow, ability to de-lever, and high lender demand drive favorable repricing terms

LEHI, Utah, and LOUISVILLE, Ky., August 12, 2025 - Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced the repricing of its first lien term loan due October 2029, securing more favorable terms as it advances its growth strategy. The transaction, which received substantial demand from new and existing lenders, reduces the interest rate on the term loan to adjusted SOFR +2.00%, a 25-basis-point reduction from prior terms. Waystar will also add $250 million of incremental term loans to the facility under the same terms, which is subject to the closing of the previously announced Iodine Software acquisition. The additional term loans will help fund a portion of the transformational acquisition of Iodine.

The repricing underscores lender conviction in Waystar's balance sheet and strong cash flow generation. Waystar has now successfully repriced the first lien term loan three times and reduced borrowing costs by 211 basis points since its initial public offering in June 2024. S&P, Moody's, and Fitch have reaffirmed Waystar's debt rating and stable outlook in recent weeks.

"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. "We have a proven track record of innovation and delivering results. We are focused on delighting our clients through market-leading innovation, driving profitability, and delivering sustained long-term value for our shareholders."

About Waystar

Waystar's mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.