Navigation Links
Providence Service Corporation Completes Private Placement of $70 Million of Convertible Senior Subordinated Notes
Date:11/6/2007

TUCSON, Ariz., Nov. 6 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced the completion of a private placement of $70 million of Convertible Senior Subordinated Notes due in 2014.

RBC Capital Markets acted as the Sole Placement Agent for the transaction.

The private placement was priced off today's closing price of $31.47. The notes bear interest at 6.5% per annum and are convertible into Providence common shares at a conversion price of $41.698, a 32.5% premium. The net cash proceeds of this offering will be placed in escrow and will be released to the seller upon the closing of the LogistiCare acquisition, also announced today.

Private investors, under signed confidentially and no-trade agreements, were provided with the attached PowerPoint presentation in order to evaluate the transaction. Pursuant to Regulation FD (Full Disclosure) the verbatim presentation can be seen at http://investor.provcorp.com/phoenix.zhtml?c=145700&p=irol-IRHome

About Providence

Providence Service Corporation, through its owned and managed entities, provides home and community based social services to government sponsored clients under programs such as welfare, juvenile justice, Medicaid and corrections. Providence operates no beds, treatment facilities, hospitals, or group homes preferring to provide services in the client's own home or other community setting. Through its owned and managed entities, Providence maintains 773 government contracts in 35 states and the District of Columbia as of September 30, 2007.

Certain statements herein, such as any statements about Providence's confidence or strategies or its expectations about revenues, results of operations, profitability, earnings per share, contracts, collections, award of contracts, acquisitions and related growth, growth resulting from initiatives in certain states, effective tax rate or market opportunities, constitute "forward-looking statements" within the meaning of the private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause Providence's actual results or achievements to be materially different from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, reliance on government-funded contracts, risks associated with government contracting, risks involved in managing government business, legislative or policy changes, challenges resulting from growth or acquisitions, adverse media and legal, economic and other risks detailed in Providence's filings with the Securities and Exchange Commission. Words such as "believe," "demonstrate," "expect," "estimate," "anticipate," "should" and "likely" and similar expressions identify forward- looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Providence undertakes no obligation to update any forward-looking statement contained herein.


'/>"/>
SOURCE Providence Service Corporation
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Providence St. Joseph Medical Center, Caregivers Reach Agreement on a Union Contract
2. Providence Service Corporation Announces 35% Revenue Growth with Third Quarter Results; Increases Revenue Guidance for 2007
3. Lutheran Senior Services Partners with Silverchair Learning Systems to Enhance Employee Training and Education
4. GAO Report Confirms: Medicare Underpays for Anesthesia Services; Nurse Anesthetists Assure Seniors Access to Safe Anesthesia Care
5. Therap Services Continues to Hire Experienced Developmental Disability Industry Clinicians for its Customer Support Team
6. Tata Consultancy Services to Support Roches Global Capacity Building Initiative
7. Creative Technology Services Enhances its Global Competitiveness with Additional Regulatory Certifications
8. Medical Services International Maintains Pace in Second Quarter
9. Area Health Care Providers Announce Plans to Integrate Services
10. Crdentia Selected by High Rock Raceway to Provide Healthcare Staffing Services
11. Award-winning QUITPLAN(R) Services Billboard Debuts in Rogers
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/28/2016)... (PRWEB) , ... May 28, 2016 , ... In a part of the city where’s ... city’s new farm-to-table Kelowna restaurants is hoping to attract diners with a taste ... & Suites officially opened the doors to Cornerstone Grill, an urban casual restaurant focusing ...
(Date:5/27/2016)... ... , ... An influential resource amongst nurses and professionals in the health care ... variety of topics detailing why we appreciate nurses in so many different ways. From ... from being in a major recession to one of the hottest growing professions in ...
(Date:5/27/2016)... ... , ... Beleza Medspa has initiated a new program to assist ... first time that Coolsculpting is being used for for more than just cosmetic purposes. ... meet the prescribed body-fat standard, measured by the circumference-based tape method. The tape-test ...
(Date:5/26/2016)... ... May 26, 2016 , ... Despite last week’s media reports hinting at ... company to wait until March 2017 for an interest rate increase, according to Rajeev ... of Business. , “The Federal Open Market Committee (FOMC) dot charts are of interest ...
(Date:5/26/2016)... ... 26, 2016 , ... Georgia State University College of Law ... , Answering to the increasing demand for curricular specializations, the Certificate in Intellectual ... and land use law. ,  , “The demand for lawyers with specific knowledge ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)... 2016  NxStage Medical, Inc. (Nasdaq: NXTM ... renal care, today announced that Jeffrey H. Burbank ... following schedule of investor conferences. Where applicable, a webcast ... http://ir.nxstage.com/ .   ... NY           Friday, June 10, 2016 1:30 p.m. ET ...
(Date:5/24/2016)... , May 24, 2016  Joe Marziani has joined VMS BioMarketing as senior ... executive officer, today. In his new role, Marziani will lead the company,s business development ... professionals to improve outcomes. Photo - http://photos.prnewswire.com/prnh/20160523/371089 ... ... ...
(Date:5/24/2016)... 2016 Los innovadores de ... mundo, introduce catéteres para la intervención de extremidades ... compañía global especializada en el suministro de soluciones ... cartera incluyendo productos para tratar la enfermedad arterial ... son los dispositivos de primera entrada de la ...
Breaking Medicine Technology: