On the Company entered into the Fourth Amendment (the “Amendment”) to its Credit Agreement, entered into on the “Credit Agreement”). The Amendment allows for, among other things, a loan to the Company for the repurchase of up to approximately million shares of capital stock from an individual shareholder, his affiliates, and a shareholder, in an aggregate amount to exceed million (“Term Loan C”); and allows for capital expenditure financing to the Company for the sole purpose of purchasing medical equipment in an aggregate amount to exceed million (the “Equipment Line”). There are principal payments due on the Equipment Line until at which time it will convert to an additional term loan. The Amendment also made changes to certain covenants, specifically, to exclude borrowings used to fund the stock repurchases referenced above from the definition of fixed charges, as defined by the Credit Agreement, and to reduce the ratio of earnings before depreciation, income taxes and amortization to fixed charges from to In addition, the Amendment eliminates the Net Worth covenant and the excess cash flow provisions while modifying the quarterly principal payment amounts. Term Loan C matures on and the Equipment Line matures on

 

 

On the Company and an individual shareholder and his affiliates (the “Sellers”) entered into a stock purchase and settlement agreement (the “Stock Purchase Agreement”) for the purchase by the Company of the approximately million shares of the Company's common stock cumulatively owned by the Sellers for per share, equaling approximately million in total. The Stock Purchase Agreement contains customary representations and warranties, an agreement by the Sellers to purchase any shares of the Company's common stock for years following closing, a mutual non-disparagement agreement and a mutual release of claims between the Company and the Sellers. The closing of the stock purchases under the Stock Purchase Agreement is currently expected to occur in full during the quarter of with respect to approximately million shares, and the Sellers sold approximately of the remaining shares to parties on the open market. The Company funded the purchase price for the shares with the proceeds from the Term Loan C described above.

           

On the Company and a shareholder entered into a stock purchase agreement for the purchase by the Company of approximately million shares of the Company's common stock owned by a shareholder for per share, equaling approximately million in total. The stock purchase agreement contains customary representations and warranties, and the closing of the stock purchases under the stock purchase agreement occurred during the quarter of   The Company funded the purchase price for the shares with the proceeds from the Term Loan C described above and cash on hand.