Prospect Medical Holdings Announces Proposed Offering of Senior Secured Notes
July 08 2009 - 5:02PM
Business Wire
Prospect Medical Holdings,�Inc. (NYSE Amex: PZZ)
(�Prospect� or the �Company�), which owns and operates five
hospitals and manages the medical care of HMO enrollees in Southern
California, today announced that it intends, subject to market and
other conditions, to offer senior secured notes due 2014 (the
�notes�), the net proceeds of which, together with cash on hand,
will be used to repay the amount outstanding under its existing
senior secured credit facility and to terminate its interest rate
swap agreements.
The notes will only be offered to qualified institutional buyers
pursuant to the requirements of Rule�144A under the Securities Act
of 1933, as amended (the �Securities Act�), and to persons outside
the United States in accordance with Regulation S under the
Securities Act. The notes will not be registered under the
Securities Act. Therefore, unless they are subsequently registered,
they may not be offered or sold in the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and applicable
state securities laws. This press release does not constitute an
offer to sell or the solicitation of an offer to buy, nor will
there be any sale of the notes in any state in which an offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
ABOUT PROSPECT MEDICAL
HOLDINGS
Prospect operates five hospitals in the greater Los Angeles area
and manages the medical care of approximately 183,200 individuals
enrolled in HMO plans in Southern California, through a network of
approximately 13,900 specialist and primary care physicians.
This press release contains forward-looking statements.
Additional written or oral forward-looking statements may be made
by Prospect from time to time, in filings with the Securities and
Exchange Commission, or otherwise. Statements contained herein that
are not historical facts are forward-looking statements. Investors
are cautioned that forward-looking statements, including the
statements regarding anticipated or expected results, involve risks
and uncertainties which may affect the Company�s business and
prospects, including those outlined in Prospect�s Form�10-K filed
on December�29, 2008, as well as risks and uncertainties arising
from Prospect�s acquisition of Alta Hospitals System, LLC and
ProMed Health Services Company and its affiliates, and the debt
incurred by Prospect in connection with those acquisitions. Any
forward-looking statements contained in this press release
represent our estimates only as of the date hereof, or as of such
earlier dates as are indicated, and should not be relied upon as
representing our estimates as of any subsequent date. While we may
elect to update forward-looking statements at some point in the
future, we specifically disclaim any obligation to do so, even if
our estimates change.
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