BioScrip Announces Amendment to Credit Agreement and New Senior Loan Facility
January 06 2017 - 2:16PM
BioScrip, Inc. (NASDAQ:BIOS) ("BioScrip" or the "Company"), a
leading national provider of infusion and home care management
solutions, today announced that it has entered into an agreement to
amend its existing Credit Agreement (the “Amendment”), dated July
31, 2013, among BioScrip, the guarantors, SunTrust Bank as
administrative agent, and a syndicate of lenders. Additionally,
BioScrip and the guarantors under the existing Credit Agreement
announced a new $25 million senior loan facility.
The amended Credit Agreement, together with the
new senior loan facility, as approved by BioScrip’s lenders,
includes the following benefits:
- $25 million new senior loan facility from existing lenders,
providing $19 million in incremental liquidity and a $6 million
reduction in existing revolver balances
- Revised covenants, under which the Company anticipates full
compliance
- Revised commitment reduction schedule, which the Company
believes it can comfortably manage
About BioScrip
BioScrip, Inc. is a leading national provider of
infusion and home care management solutions. BioScrip partners with
physicians, hospital systems, skilled nursing facilities,
healthcare payors, and pharmaceutical manufacturers to provide
patients access to post-acute care services. BioScrip operates with
a commitment to bring customer-focused pharmacy and related
healthcare infusion therapy services into the home or
alternate-site setting. By collaborating with the full spectrum of
healthcare professionals and the patient, BioScrip provides
cost-effective care that is driven by clinical excellence, customer
service, and values that promote positive outcomes and an enhanced
quality of life for those it serves.
Forward-Looking Statements - Safe Harbor
This press release includes statements that may
constitute "forward-looking statements,” that involve substantial
risks and uncertainties. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. You can identify these statements by the fact that
they do not relate strictly to historical or current facts. In some
cases, forward-looking statements can be identified by words such
as "may," "should," "could," "anticipate," "estimate," "expect,"
"project," "outlook," "aim," "intend," "plan," "believe,"
"predict," "potential," "continue" or comparable terms. Because
such statements inherently involve risks and uncertainties, actual
future results may differ materially from those expressed or
implied by such forward-looking statements. Investors are cautioned
that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that
actual results may differ materially from those in the
forward-looking statements as a result of various factors.
Important factors that could cause or contribute to such
differences include but are not limited to risks associated with:
the Company's ability to integrate the acquisition of Home
Solutions, the Company's ability to grow its core Infusion
revenues, the Company's ability to continue to experience positive
results from its financial improvement plan to reduce operating
costs; the Company’s ability to comply with the covenants in its
debt agreements; the success of the Company’s initiatives to
mitigate the impact of the Cures Act on its business; reductions in
federal, state and commercial reimbursement for the Company's
products and services; increased government regulation related to
the health care and insurance industries; as well as the risks
described in the Company's periodic filings with the Securities and
Exchange Commission. The Company does not undertake any duty to
update these forward-looking statements after the date hereof, even
though the Company's situation may change in the future. All of the
forward-looking statements herein are qualified by these cautionary
statements.
For Further Information:
Investor Contacts
Jeffrey M. Kreger
Chief Financial Officer
(720) 697-5200
jeffrey.kreger@bioscrip.com
David Clair
ICR, Inc.
(646) 277-1266
david.clair@icrinc.com
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