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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 Pro
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SOURCE Providence Service Corporation
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