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HLTH Corporation Announces Agreement to Sell Porex Unit to Aurora Capital Group for $142 Million
Date:9/18/2009

ELMWOOD PARK, N.J., Sept. 18 /PRNewswire-FirstCall/ -- HLTH Corporation (Nasdaq: HLTH) today announced that it has entered into a definitive agreement to sell its Porex segment to affiliates of Aurora Capital Group, a Los Angeles based private equity firm, for $142 million. The closing is expected in the fourth quarter and is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Act.

The purchase price of $142 million consists of $74.5 million in cash payable at closing and $67.5 million in senior secured debt. The $67.5 million in senior secured debt accrues interest at a rate of 8.75% per annum paid quarterly. The principal is to be paid down by $10 million per year on the anniversary of the closing for each of the first three years and by a final payment of $37.5 million on the fourth anniversary of the closing. The debt will be secured by the assets of Porex Corporation.

Porex develops, manufactures and distributes porous plastic products and components used in healthcare, industrial and consumer applications. Porex's customers include both end-users of its finished products, as well as manufacturers that include its components in their products. Porex is an international business with manufacturing operations in North America, Europe and Asia and customers in more than 75 countries.

HLTH previously announced its intent to sell Porex and has been reflecting Porex as discontinued operations in its financial statements.

In connection with the sale of Porex, Jefferies & Company, Inc. acted as HLTH's exclusive financial advisor and Shearman & Sterling LLP acted as HLTH's legal advisor.

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