Navigation Links
The Providence Service Corporation Announces Credit Agreement Amendment With Its Lender Syndicate
Date:3/11/2009

Interest rate changed; Covenants reset for 2008 and 2009

TUCSON, Ariz., March 11 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced it has signed an amended credit agreement with its senior debt holders related to its $173 million senior term loan. The agreement is designed to reset covenant targets for the fourth quarter of 2008 and for 2009.

The amendment provides for a number of covenant calculation adjustments that reflect certain changes and/or events since 2007 that have impacted or may impact the Company's business, including the instability with state payers, the final outcome of a contract arbitration in Canada, costs forecasted to be incurred in connection with a proxy election contest that the Company expects to be brought by a dissident stockholder group, acquisition costs, stock compensation and fees related to the potential sale of assets. In connection with the amendment, the Company will incur certain costs and expenses, including but not limited to, an amendment fee payable to the lenders, and an increase in the LIBOR interest rate spread from 350 basis points to 650 basis points.

"We are fortunate to have a syndicate that remains supportive of the Company and is willing to work with us in our changing business environment, including the economic meltdown that impacted our business over the summer and fall of 2008," said Fletcher McCusker, Chairman and CEO. "Within the difficult lending market we are currently experiencing, this new agreement is a fair deal for both the Company and its lenders. We are grateful to CIT Capital Securities who served as lead bank in negotiating these new terms."

The decision was made to amend the credit agreement, rather than just negotiate a covenant default waiver for the fourth quarter of 2008, in an
'/>"/>

SOURCE Providence Service Corporation
Copyright©2009 PR Newswire.
All rights reserved

Page: 1 2 3

Related medicine news :

1. Providence Service Corporation to Report Fourth Quarter and Year End 2008 Results on Monday, March 16th Before the Market Opens
2. Providence Service Corporation Announces That Avalon Correctional Services Has Abandoned Its Consent Solicitation
3. Providence Service Corporation Announces Bylaw Amendments to Improve Corporate Governance
4. Providence Service Corporation California Subsidiary Awarded $1.5 Million Contract Under States Mental Health Services Act
5. Providence Service Corporation Comments on $87 Billion Medicaid Assistance for States in the American Recovery and Reinvestment Act Signed into Law Yesterday
6. Providence Service Corporation Comments on Consent Solicitation by Avalon Correctional Services, Inc.
7. Providence Service Corporation Comments on Section 220 Demands Received From Avalon Correctional Services, Inc.
8. Providence Service Corporation Provides The Center on Budget and Policy Priorities Preliminary Analysis of Potential Medicaid Assistance for States in the House Economic Recovery Package
9. Providence Service Corporation Provides Update on Potential Medicaid
10. Providence Service Corporation Adopts Shareholder Rights Plan
11. Providence Service Corporation Retains UBS Investment Bank as its Financial Advisor in Connection With the Sale of Certain Non-Strategic Assets
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/29/2014)... UK (PRWEB) August 29, 2014 The ... ones in the in-vitro diagnostics industry; it is also ... growth is driven by the ongoing spread of AIDS ... primary factor associated with the upsurge of opportunistic infections ... and a broader availability of immunosuppressive medicines. Although for ...
(Date:8/29/2014)... 2014 Edvance360, a leading provider of ... online teaching, as well as 2011 winner and six-time-finalist ... Management System, announced that Brooke Education Services, Northwest Academy, ... Interactive Advertising Bureau of Canada (IAB Canada), StarSVCS, and ... are delighted to welcome each new client to the ...
(Date:8/29/2014)... Top10inaction, a professional product review website ... the online service industry for the month of August ... GotoMeeting and Infinite. , With over thousands of web ... which provider is ideally a good fit for their ... compelling consumer goods and services agencies to assist them ...
(Date:8/29/2014)... After having a double mastectomy due to cancer ... reconstruction. She found that the look of conventional enhancement ... needed to be a solution. , The MODIFIED IMPLANT ... who needs or wants breast improvements. It's more realistic ... of mind. Producible in design variations, the invention is ...
(Date:8/29/2014)... 2014 (HealthDay News) -- The West African Ebola outbreak took ... announcing an estimated 500 new cases this week -- the ... new cases arose in Liberia, the U.N. health agency said, ... the Associated Press reported. "There are serious ... to the WHO report. "The situation is worsening in Liberia ...
Breaking Medicine News(10 mins):Health News:Infectious Disease Testing Universe Examined in New VPG Research Report Available at MarketPublishers.com 2Health News:Infectious Disease Testing Universe Examined in New VPG Research Report Available at MarketPublishers.com 3Health News:Edvance360 Continues to Experience Growth in Corporate, K-12, Health, and Non-Profit Sectors 2Health News:Top10InAction Reveals Best Web Conference Providers 2Health News:Biggest Ever Weekly Rise in Ebola Cases, U.N. Agency Says 2Health News:Biggest Ever Weekly Rise in Ebola Cases, U.N. Agency Says 3
... to go on a mission to Mars? On June ... in Moscow for a simulated 520-day Mars mission conducted by ... for Biomedical Problems (IBMP) of the Russian Academy of Sciences. ... 90 experiments and realistic scenarios, including emergency situations, 20-minute communications ...
... ... uncanny resemblance to the patterns shown by people with damage to a particular part of ... , ... 2010 -- The way psychopathic prisoners play certain games bears an uncanny resemblance to the ...
... Swanson ... acids, Sustamine, Bioenergy Ribose, Powergrape and B-complex vitamins. , ... Fargo, ND (Vocus) June 3, 2010-- Swanson Health ... Swanson Health & Fitness Expo held at the 2010 Fargo Marathon. The performance ...
... ... services and expert author explains on his new site that advertising for new patients is ... New York, NY ... and expert author explains on his new site that advertising for new patients does not ...
... ... The combination with ProtectionPlus will further lower testing costs ... issues, has become a primary focus for many Cardiology practices and ... offer even further savings to the provider as UND seeks to ...
... The American Cancer Society and the National Palliative Care Research ... researchers at 12 institutions for studies aimed at reducing suffering ... will be conducted over the next two years. Since 2007, ... totaling almost $7 million. These grants, which are in addition ...
Cached Medicine News:Health News:520-day Mars mission simulation 2Health News:520-day Mars mission simulation 3Health News:520-day Mars mission simulation 4Health News:Playing Games in Prison May Reveal Roots of Psychopathy 2Health News:Playing Games in Prison May Reveal Roots of Psychopathy 3Health News:CONTEND – A New Sports Drink from Swanson FIT 2Health News:Medical Practice Marketing Strategies and Advertising Don't Mix 2Health News:Medical Practice Marketing Strategies and Advertising Don't Mix 3Health News:UND Acquires ProtectionPlus in Ongoing Effort to Reduce Nuclear Stress Testing Costs for Physicians 2Health News:UND Acquires ProtectionPlus in Ongoing Effort to Reduce Nuclear Stress Testing Costs for Physicians 3Health News:UND Acquires ProtectionPlus in Ongoing Effort to Reduce Nuclear Stress Testing Costs for Physicians 4Health News:$1.8 million awarded for palliative care research to improve care of seriously ill patients 2Health News:$1.8 million awarded for palliative care research to improve care of seriously ill patients 3Health News:$1.8 million awarded for palliative care research to improve care of seriously ill patients 4Health News:$1.8 million awarded for palliative care research to improve care of seriously ill patients 5
(Date:8/28/2014)... 28, 2014 Reportlinker.com announces ... is available in its catalogue: ... Services Industry (U.S.): Analytics, Extensive Financial ... 2021, NAIC 541380 ... Testing Laboratories, Safety and Compliance Services ...
(Date:8/28/2014)... , Aug. 28, 2014 Reportlinker.com announces ... in its catalogue: North America Laparoscopes ... http://www.reportlinker.com/p02343464/North-America-Laparoscopes-Market-Outlook-to-2020.html North America Laparoscopes Market ... report, "North America Laparoscopes Market Outlook to 2020", ... Laparoscopes market. The report provides value, in millions ...
(Date:8/28/2014)... 2014 /PRNewswire-iReach/ -- CountryFocus: Healthcare, Regulatory and Reimbursement ... (Photo - http://photos.prnewswire.com/prnh/20140828/140879 ) ... Reimbursement Landscape Poland " an essential source of ... healthcare market and provides insights into the demographic, ... the report provides valuable insights into the trends ...
Breaking Medicine Technology:Testing Laboratories, Safety and Compliance Services Industry (U.S.): Analytics, Extensive Financial Benchmarks, Metrics and Revenue Forecasts to 2021, NAIC 541380 2Testing Laboratories, Safety and Compliance Services Industry (U.S.): Analytics, Extensive Financial Benchmarks, Metrics and Revenue Forecasts to 2021, NAIC 541380 3Testing Laboratories, Safety and Compliance Services Industry (U.S.): Analytics, Extensive Financial Benchmarks, Metrics and Revenue Forecasts to 2021, NAIC 541380 4Testing Laboratories, Safety and Compliance Services Industry (U.S.): Analytics, Extensive Financial Benchmarks, Metrics and Revenue Forecasts to 2021, NAIC 541380 5Testing Laboratories, Safety and Compliance Services Industry (U.S.): Analytics, Extensive Financial Benchmarks, Metrics and Revenue Forecasts to 2021, NAIC 541380 6North America Laparoscopes Market Outlook to 2020 2North America Laparoscopes Market Outlook to 2020 3North America Laparoscopes Market Outlook to 2020 4North America Laparoscopes Market Outlook to 2020 5North America Laparoscopes Market Outlook to 2020 6North America Laparoscopes Market Outlook to 2020 7North America Laparoscopes Market Outlook to 2020 8North America Laparoscopes Market Outlook to 2020 9North America Laparoscopes Market Outlook to 2020 10North America Laparoscopes Market Outlook to 2020 11Poland & Turkey Pharmaceutical Market worth $15 billion & $21.5 billion Respectively by 2020 2Poland & Turkey Pharmaceutical Market worth $15 billion & $21.5 billion Respectively by 2020 3Poland & Turkey Pharmaceutical Market worth $15 billion & $21.5 billion Respectively by 2020 4Poland & Turkey Pharmaceutical Market worth $15 billion & $21.5 billion Respectively by 2020 5
... of the leading supporters of the Rocks Against Cancer ... for the Arts in New York City. Proceeds from the event ... (SU2C), an initiative created to speed the development and deployment ... celebrity chairperson of Rocks Against Cancer is actor John Lithgow. ...
... N.Y., Sept. 8 Misonix, Inc. (Nasdaq: ... ultrasonic medical device technology, which worldwide is used for ... year, exclusive distribution agreement with Cormedica s.a.s.  Based near ... Cutter. The agreement provides Cormedica with the rights to ...
Cached Medicine Technology:Elekta Among Major Sponsors of Rocks Against Cancer Fundraiser 2Elekta Among Major Sponsors of Rocks Against Cancer Fundraiser 3Misonix Announces New Distribution Agreement for France 2Misonix Announces New Distribution Agreement for France 3
... Quality EEG recording is assured even ... Neurofax has high performance, high sensitivity ... ECG rejection filter, shielded electrodes and a ... connection. Neurofax is a complete and ...
... MagPro is the high performance magnetic stimulator ... in medical research. , ,MagPro is able to ... precise studies of the field/nerve interface can be ... biphasic waveform and coil-current direction. , , , ...
... is a new top-line range of digital ... Atrial Fibrillation (AF). Because the T-series combines ... the treatment of AF is taken one ... the heart rhythm is monitored continuously and ...
... MAX Cooling Power, Deeper Lesions ... arrhythmias, including atrial flutter, Freezor MAX is ... catheter with an 8mm ablation tip was ... is connected to the same cryoconsole as ...
Medicine Products: