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Addus HomeCare Announces Consent Under Senior Credit Facility
FRISCO, Texas, March 30, 2020 /PRNewswire/ -- Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, today announced that the bank
About this update from Addus Homecare Corporation
[{"type":"text","content":"FRISCO, Texas, March 30, 2020 /PRNewswire/ -- Addus HomeCare Corporation (Nasdaq: ADUS), a provider of home care services, today announced that the bank lending group to the Company's senior secured credit facility has consented to an extension of the timeline required to deliver the Company's December 31, 2019, audited financials and PricewaterhouseCoopers' final audit report to not later than October 31, 2020. As previously announced, the Company has delayed the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the \"2019 Form 10-K\"). In the interim, the Company will have the ability to utilize preliminary, unaudited financials as of December 31, 2019, to determine compliance with all financial covenants related to the senior secured credit facility. As of December 31, 2019, the Company had cash of $111.7 million and bank debt of $59.9 million, with availability under its credit facility of approximately $191.4 million.\nCommenting on the announcement, Dirk Allison, Chief Executive Officer of Addus HomeCare Corporation, stated, \"We appreciate the support of our bank group, led by Capital One, in granting Addus this extension as we work to complete the accounting review of the Company's 2019 financial results and file our 2019 Form 10-K. We believe our financial position is strong, and we expect to remain in compliance with all financial covenants. Importantly Addus is well positioned to continue to meet our primary objective to provide quality care to our patients, especially at such a critical time.\"\nForward-Looking StatementsCertain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as \"continue,\" \"expect,\" \"anticipates,\" and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, anticipated transition to ...