DocGo lines up $102M term loan, scraps undrawn Citibank revolver
What's the deal? DocGo, a mobile medical and telehealth company, entered a $102 million term loan package on October 1, 2026, refinancing existing debt. The facility, agreed with subsidiaries Hicuity and AmbulnzDealroom has a profile for this one. Try Dealroom →, matures on December 6, 2029.
Why now? The move replaces an undrawn revolving credit facility with CitibankDealroom has a profile for this one. Try Dealroom →, which DocGo terminated the same day. That released all related guarantees and liens, swapping flexible liquidity for a fixed term loan structure.
What's the endgame? DocGo provides technology-enabled medical transport, remote patient monitoring, and healthcare support for health systems, payers, and municipalities. On the same date, subsidiary Ambulnz took over management of Hicuity's non-clinical operations, deepening integration across the group.
What are the terms? The loans carry a relatively high Term SOFR-based rate with no principal repayments before maturity. DocGo granted lenders a first-priority security interest over substantially all its personal property and issued a warrant to purchase up to 4 million shares at $0.5039 each.
What could go wrong? The warrant, if exercised, could meaningfully dilute existing shareholders. The loan also carries tight covenants restricting new debt, asset sales, mergers, and stock repurchases, limiting DocGo's room to manoeuvre.
The signal: With a market cap of about $36.55 million and flagged cash burn, DocGo is leaning on structured, collateral-backed financing to fund operations. Swapping an unused revolver for a costlier term loan underscores how much the company is relying on lenders to keep scaling.
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