$40 Million Facility to Provide Expansion Capital Through 2010
LOUISVILLE, Ky., Dec. 4 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced that it has amended the terms of its
previously existing $22.5 million bank credit facility.
The amended facility provides for:
-- Up to $40 million in borrowings with a maturity date of June 2010.
-- The borrowing base formula permits borrowings of up to 3.5 times
Earnings Before Interest Taxes Depreciation and Amortization
-- Historical EBITDA of acquired operations may be included in the
borrowing base (up to a limit of 75% of the Company's historical
-- The facility's interest rate varies from prime minus 1.50% to prime
minus 0.25% depending on leverage.
William B. Yarmuth, Chairman and CEO commented on the extension of the facility: "This expanded facility significantly increases our available resources to continue the pursuit of our development objectives." Yarmuth added: "We have had a long and outstanding relationship with JPMorgan Chase and we are very happy to have their continued vote of confidence in our management team and our strategy." The credit facility is secured by substantially all of the Company's assets and the stock of its subsidiaries.
Almost Family, Inc., founded in 1976, is a leading regional provider of
home health nursing services, with branch locations in Florida, Kentucky,
Ohio, Connecticut, Massachusetts, Missouri, Alabama, Illinois, and Indiana
(in order of revenue significance). Almost Family, Inc. and its
subsidiaries operate a Medicare-certified segment and a personal care
segment. Altogether, Alm
|SOURCE Almost Family, Inc.|
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