LifeCare Holdings, Inc. Announces Year-E...(e in expenses was primarily attributable...),Health

Date:3/31/2009

e in expenses was primarily attributable to an increase in salaries, wages and benefits of $12.3 million, and an increase in supplies of $2.1 million. These increases were due to the result of inflationary increases, increases in patient days, and the increases in bed capacity as previously discussed.

Credit Agreement EBITDA

For the year ended December 31, 2008, Credit Agreement EBITDA, was $47.6 million, in line with the prior year period, which included a $6 million cure amount discussed below. Excluding the cure amount from the prior year period, the increase in Credit Agreement EBITDA is $5.9 million, or 14.3%. This increase in Credit Agreement EBITDA is principally the result of the increase in patient days and net patient service revenue per patient day as previously discussed. As of December 31, 2008, we believe we were in compliance with all covenants contained in our senior secured credit facility, as amended.

Liquidity and Capital Resources

At December 31, 2008, our outstanding indebtedness consisted of $130.5 million aggregate principal amount of senior subordinated notes due 2013, a $246.7 million term loan facility that matures in 2012, and $10.0 million outstanding on our revolving credit facility which matures in 2011. At December 31, 2008, the interest rate applicable to the $246.7 million under our term loan facility was 7.67% and the rate on the $10.0 million outstanding balance of the revolving credit facility was 7.79%.

The senior secured credit facility requires us to comply on a quarterly basis with certain financial covenants, including an interest coverage ratio test and a maximum leverage ratio test, which will become more restrictive over time. In addition, the senior secured credit facility includes various negative covenants, including limitations on indebtedness, liens, investments, permitted businesses, restricted payments,
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SOURCE LifeCare Holdings, Inc. Copyright©2009 PR Newswire. All rights reserved

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