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Highland Capital Management Announces 100% Ownership of American HomePatient, Completes Successful Public to Private Transition For Leading Provider of Home Respiratory Therapy
Date:10/13/2010

DALLAS, Oct. 13 /PRNewswire/ -- Highland Capital Management, L.P. ("Highland"), a Dallas-based, SEC-registered investment adviser with approximately $22 billion of assets under management, announced today that American HomePatient, Inc. ("American HomePatient" or "the Company") --  which previously traded as (OTC Bulletin Board: AHOM) -- completed a public-to-private transaction and filed documents with the SEC to deregister its Common Stock, resulting in American HomePatient becoming 100% owned by a fund managed by Highland.  This transaction is the culmination of a series of transactions, including (i) a self-tender of common shares by the Company and (ii) a restructuring of the Company's senior debt of $216 million led by Highland that were completed on September 2, 2010.

The American HomePatient transaction is a prime example of Highland's distressed investment strategy.  As one of the world's largest investors in U.S. corporate debt, with an investment staff that monitors more than 2,000 companies across industries, Highland has a distinct ability to identify attractive investment opportunities designed to generate above-average returns over time.  

Headquartered in Brentwood, Tennessee, American HomePatient is one of the nation's largest and most comprehensive respiratory and service providers to Medicare and Managed Care patients in 33 states.   Founded in 1983, American HomePatient offers respiratory and infusion therapy, enteral and parenteral nutrition services, respiratory diagnostic equipment; patient home medical equipment and related supplies.  

Under Highland's ownership, American HomePatient will benefit from access to the financial and strategic resources necessary to help the Company realize accelerated, profitable growth.   Using a structured and proven approach to value creation, Highland will partner with management to build a long-term competitive advantage through differentiation in service quality and operational excellence.  

Joseph F. Furlong, President and Chief Executive Officer of the Company, stated: "We are very pleased to complete this process and be aligned with an organization such as Highland.  The stability provided as a result of the restructuring of our senior debt, coupled with Highland's commitment to our long term success, will be of great benefit to all of our stakeholders, including customers, employees and vendors."

"Patients will continue to receive a high standard of care, physicians and Managed Care Organizations will continue to do business with a reliable partner and employees can look forward to expanded career opportunities."

Patrick Daugherty, Head of Private Equity Investments at Highland, stated: "We are looking forward to working with the management team at American HomePatient to take advantage of compelling opportunities in the evolving business of providing home durable medical equipment.  We believe that American HomePatient is well-positioned to benefit from the market changes caused by the government's Competitive Bidding Program.  The combination of the American HomePatient organization, products and services with our resources will enhance the Company's long term value and success."

ABOUT HIGHLAND CAPITAL MANAGEMENT, L.P.

Highland Capital Management, L.P. is a SEC-registered investment adviser with approximately $22 billion of assets under management. It is one of the largest global alternative fixed income managers, specializing in bank loans, high yield credit, distressed debt, structured products, real assets, and long-short equities, with a global geographic reach.

Highland's diversified client base includes public pension plans, foundations and endowments, corporations, financial institutions, fund of funds, governments, high net worth individuals, and mutual fund investors. To best meet the different goals of these investors, Highland offers a variety of product types, including credit funds, private equity-style funds, managed separate accounts, hedge funds, retail mutual funds, and collateralized loan obligations (CLOs).

Highland Capital is headquartered in Dallas, Texas and maintains offices in New York, London and Singapore.  For further information, please visit www.hcmlp.com.  

ABOUT AMERICAN HOMEPATIENT

American HomePatient is one of the nation's largest home health care providers with operations in 33 states.  A full-service respiratory company, American HomePatient provides oxygen equipment and supplies, patient assessment and follow up, and sleep therapy equipment (CPAP and supplies), as well as infusion therapy, parenteral and enteral nutrition, and medical equipment for patients in their home.  For more information, visit www.ahom.com.


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SOURCE Highland Capital Management, L.P.
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