Chemed Corporation Announces Intention to Redeem All 8-3/4% Senior Notes Due 2011
April 04 2007 - 11:53AM
Business Wire
Chemed Corporation (�Chemed�) (NYSE:CHE) today issued a notice of
redemption, to redeem on May 4, 2007, subject to the satisfaction
or waiver of the condition referred to below, the entire $150
million aggregate principal amount of its 8-3/4% Senior Notes due
2011 (Notes). This redemption is being made pursuant to the terms
of the indenture dated February 24, 2004 at a redemption price of
104.375% of the principal amount of the Notes together with accrued
but unpaid interest. This redemption is contingent upon the
completion of one or more financing transactions by the Company
prior to May 4, 2007, with terms that are reasonably satisfactory
to Chemed. Accordingly, redemption will not occur, and none of the
Notes will be deemed due and payable on May 4, 2007, unless this
financing condition is satisfied or waived by Chemed. On the
redemption date, assuming satisfaction or waiver of the financing
condition, the redemption price will become due and payable on all
outstanding Notes. Upon redemption, interest on the Notes will
cease to accrue on and after the redemption date, and the only
remaining right of the holders of the Notes after such date will be
to receive payment of the redemption price and accrued interest
upon surrender of the Notes to LaSalle Bank National Association,
as paying agent. Listed on the New York Stock Exchange and
headquartered in Cincinnati, Ohio, Chemed Corporation
(www.chemed.com) operates two wholly owned subsidiaries: VITAS
Healthcare and Roto-Rooter. VITAS is the nation's largest provider
of end-of-life hospice care and Roto-Rooter is the nation�s leading
provider of plumbing and drain cleaning services. Statements in
this press release or in other Chemed communications may relate to
future events or Chemed�s future performance. Such statements are
forward-looking statements and are based on present information
Chemed has related to its existing business circumstances.
Investors are cautioned that such forward-looking statements are
subject to inherent risk that actual results may differ materially
from such forward-looking statements. Further, investors are
cautioned that Chemed does not assume any obligation to update
forward-looking statements based on unanticipated events or changed
expectations.
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