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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
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SOURCE Providence Service Corporation
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