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LifeCare Holdings, Inc. Announces Year-end Results
Date:3/28/2008

n under our term loan facility was 9.45%.

On May 2, 2007, we entered into Amendment No. 1 to our senior secured credit facility ("Amendment No. 1"), which modified certain financial covenants effective March 31, 2007 and increased the spread on the variable interest rate to be paid by the Company. Based upon amounts outstanding under the senior secured credit facility and the applicable margins at the time of the amendment, we estimated that the increase in the spread on the variable interest rate would result in additional annual interest expense of approximately $1.9 million.

As of September 30, 2007, we were not in compliance with the financial covenant requirements as set forth in our senior secured credit facility. However, this event of non-compliance was cured on November 14, 2007 through the exercise of a cure right as provided for in the credit agreement. The cure right provides us the right to issue permitted cure securities in exchange for cash or otherwise receive cash that would be contributed to our capital in an amount that is necessary to satisfy the financial covenant requirement on a pro-forma basis. The cure right capital contribution amount is considered additional consolidated EBITDA, as defined in our credit agreement, for purposes of measuring compliance with the financial covenants for our fiscal quarter ended September 30, 2007. In subsequent periods, this cure amount will continue to be considered a component of consolidated EBITDA on a trailing 4 quarter calculation basis. Additionally, the cure amount is limited such that it can be no greater than the amount required for purposes of complying with the financial covenants in the quarter in which it is exercised nor can this cure right be exercised more than two times in any trailing 4 quarter period, with the exception of two additional cure rights that were included in Amendment No. 2 discussed below.

The cure right cash contribution of $6 million necessary to cure ou
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SOURCE LifeCare Holdings, Inc.
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