15 Best NYSE Penny Stocks to Buy According to Hedge Funds

13. Accendra Health Inc. (NYSE:ACH)

Accendra Health Inc. (NYSE:ACH) is one of the 15 best NYSE penny stocks to buy according to hedge funds.

On June 23, Accendra Health Inc. (NYSE:ACH) disclosed the final settlement of its previously disclosed offer, involving its outstanding 4.5% senior notes due 2029 and 6.625% senior notes due 2030. These have been exchanged with fresh 9% senior secured first-lien notes expiring in 2032 and 9.75% senior secured second-lien notes expiring in 2033.

As part of the Exchange Offers, Accendra issued or anticipates issuing $539.25 million in First Lien Notes, including New Money Notes Issuance. For Second Lien Notes, the amount is projected to be around $698.1 million.

Back on June 17, based on Accendra’s initiation of these latest exchange offerings, S&P Global Ratings confirmed the company’s ‘B’ issuer rating and also changed its outlook from negative to stable. The rating agency also allocated a rating of ‘CCC+’ to the company’s second-lien notes with minimal recovery expectations, and ‘B+’ to its first-lien notes having strong recovery prospects.

The outlook highlights anticipated short-term earnings strain from acquisition and separation costs, along with a loss of a large commercial contract. This is expected to be balanced out by improving credit metrics. The S&P Global Ratings-adjusted leverage is projected to trend towards approximately 5x, while the FOCF-to-debt ratio is expected to exceed 3%.

Accendra Health Inc. (NYSE:ACH) is a provider of healthcare solutions. Its offerings include diabetes medication, in-home care, respiratory treatment, and other patient support services. It also provides equipment for ostomy care, wound care, urology, and incontinence products.