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Providence Service Corporation Signs Definitive Agreement to Acquire LogistiCare, the Nation's Leading Case Management Provider Coordinating Non-Emergency Transportation Services for the Medicaid Population
Date:11/6/2007

onths ended September 30, 2007, LogistiCare had revenue of $319 million. The transaction is expected to be accretive to Providence's 2008 earnings per share by approximately $0.06 to $0.10 after $22 million of debt service and before any anticipated benefits of combining operating activities.

The purchase price is expected to be paid with funds drawn down on new credit facilities and proceeds received from the private placement of 6.5% per annum Convertible Senior Subordinated Notes due 2014. Funding for the acquisition has been committed to by CIT Capital Securities LLC through $253 million in senior secured credit facilities that include a $40 million revolver, a $173 million senior secured first lien term loan and a $40 million delayed draw term loan made available to settle the earn out if needed.

Projections call for the combined company to generate significant free cash flow to rapidly deleverage the balance sheet and grow earnings per share.

In accordance with NASDAQ Marketplace rule 4350(i)(1)(D), Providence intends to seek stockholder approval to settle up to half of the earn out in shares of Providence common stock if the sellers elect to receive a portion of the earn out in shares of Providence common stock. At the same time Providence intends to seek stockholder approval to increase the number of shares under its 2006 Long Term Incentive Plan since the shares under the Plan will be exhausted to satisfy the cancellation of options of LogistiCare employees.

Strategic Fit

The combined company is estimated to have revenue of approximately $673 million in 2008, with contribution of $363 million from LogistiCare and $310 million from Providence. These 2008 projections are before any unannounced contract wins or additional acquisitions. The combined company will provide a range of services to approximately 210,000 clients through approximately 900 contracts and will have a nearly $1 billion book of business with managed entities wi
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SOURCE Providence Service Corporation
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