Emergency Medical Services to Issue New Senior Secured Credit Facilities
02 Marzo 2010 - 4:31PM
Business Wire
Emergency Medical Services Corporation (NYSE: EMS) (EMSC or the
Company) today announced that it has initiated a process to obtain
new senior secured credit facilities. The Company intends to issue
new senior credit facilities consisting of a $425 million term loan
and a $125 million revolving credit facility (the
“Transaction”).
Proceeds from the new senior credit facilities and cash on hand
would be used to repay the current balance of approximately $200
million term loan and call its 10% senior subordinated notes with
an outstanding balance of $250 million soon after the closing of
the Transaction. The new $125 million revolving credit facility
will replace the existing $100 million revolving credit
facility.
While the Company did not disclose specific terms of the
Transaction, the Company expects to complete the Transaction during
the first half of 2010.
About Emergency Medical Services Corporation
Emergency Medical Services Corporation (EMSC) is a leading
provider of emergency medical services in the United States. EMSC
operates two business segments: American Medical Response, Inc.
(AMR), the Company's healthcare transportation services segment,
and EmCare Holdings Inc. (EmCare), the Company's outsourced
facility-based physician services segment. AMR is the leading
provider of ambulance services in the United States. EmCare is a
leading provider of outsourced physician services to healthcare
facilities. In 2009, EMSC provided services in 13.0 million patient
encounters in more than 2,200 communities nationwide. EMSC is
headquartered in Greenwood Village, Colorado. For additional
information, visit http://www.emsc.net.
Forward-Looking Statements
Certain statements and information herein may be deemed to be
"forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may include, but are not limited to, statements relating
to our objectives, plans and strategies, and all statements (other
than statements of historical facts) that address activities,
events or developments that we intend, expect, project, believe or
anticipate will or may occur in the future. Any forward-looking
statements herein are made as of the date of this press release,
and EMSC undertakes no duty to update or revise any such
statements. Forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties. Important
factors that could cause actual results, developments and business
decisions to differ materially from forward-looking statements are
described in EMSC's filings with the SEC from time to time,
including in the section entitled "Risk Factors" in the Company's
most recent Annual Report on Form 10-K and subsequent periodic
reports. Among the factors that could cause future results to
differ materially from those provided in this press release are:
the impact on our revenue of changes in transport volume, mix of
insured and uninsured patients, and third party reimbursement rates
and methods; the adequacy of our insurance coverage and insurance
reserves; potential penalties or changes to our operations if we
fail to comply with extensive and complex government regulation of
our industry; the impact of potential changes in the healthcare
industry generally resulting from legislation currently under
consideration; our ability to recruit and retain qualified
physicians and other healthcare professionals, and enforce our
non-compete agreements with our physicians; our ability to generate
cash flow to service our debt obligations; the cost of capital
expenditures to maintain and upgrade our vehicle fleet and medical
equipment; the loss of one or more members of our senior management
team; the outcome of government investigations of certain of our
business practices; our ability to successfully restructure our
operations to comply with future changes in government regulation;
the loss of existing contracts and the accuracy of our assessment
of costs under new contracts; the high level of competition in our
industry; our ability to maintain or implement complex information
systems; our ability to implement our business strategy; our
ability to successfully integrate strategic acquisitions; and our
ability to comply with the terms of our settlement agreements with
the government.
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