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Centric Health Extends Revolving Credit Facility, Repays $8.4 Million Alaris Promissory Note and Announces Offer to Extend 5.5% April 2016 Convertible Notes
Centric Health Extends Revolving Credit Facility, Repays $8.4 Million Alaris Promissory No...
About this update from Carerx Corporation
[{"type":"text","content":"\n\n\n\nCentric Health Extends Revolving Credit Facility, Repays $8.4 Million Alaris Promissory Note and Announces Offer to Extend 5.5% April 2016 Convertible Notes\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCentric Health Extends Revolving Credit Facility, Repays $8.4 Million Alaris Promissory Note and Announces Offer to Extend 5.5% April 2016 Convertible Notes\nCanada NewsWire\nTORONTO, March 23, 2016\n\n\n\nTORONTO, March 23, 2016 /CNW/ - Centric Health Corporation (\"Centric Health\" or \"the Company\") (TSX: CHH) today announced that, following the previously announced purchase and cancellation of $163.4 million of the Company's Second Lien Senior Secured Notes and the redemption of all Preferred Partnership Units1 held by the Alaris Income Growth Fund Partnership (\"Alaris\") for a redemption price of $38.4 million with a take-back loan made by Alaris to the Company of $8.4 million evidenced by a promissory note, the Company has taken the following additional actions in the context of its strategy to reduce its outstanding debt and strengthen and simplify its balance sheet:\n\n\nExtended the Company's revolving credit facility (the \"Credit Facility\") for a two-year term expiring March 22, 2018, at a reduced interest rate; \nProvided notice to Alaris of its intention to repay in full the $8.4 million promissory note on March 23, 2016; \nMade an offer to holders of the Company's 5.5% convertible notes maturing April 30, 2016 (\"5.5% April 2016 Convertible Notes\") to extend the maturity date to July 31, 2017. Holders representing more than 50% of the principal outstanding of the 5.5% April 2016 Convertible Notes have indicated their intention to accept the Company's offer to extend; and, \nAdvanced its evaluation of options with respect to its 6.0% convertible notes maturing in December 2016 (\"6.0% December 2016 Convertible Notes\") and its 6.75% convertible notes maturing in October 2017 (\"6.75% October 2017 Convertible Notes\"). It is the Company's intention at this time to repay the 6.0% December 2016 Convertible Notes in cash. \n\nSince the beginnin...