Acadia Healthcare Announces Commencement of Consent Solicitation Related to its 12.875% Senior Notes due 2018
June 09 2014 - 7:00AM
Business Wire
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) (the “Company”)
today announced that it has commenced a consent solicitation
relating to its 12.875% Senior Notes due 2018 (the “Notes”). The
Company is soliciting the consents of the requisite holders of the
Notes as of the record date set forth in the solicitation documents
(the “Solicitation Documents”) to certain amendments (the “Proposed
Amendments”) of provisions of the indenture governing the Notes
(the “Indenture”).
The primary purpose of the Proposed Amendments is to increase
the permitted Secured Leverage Ratio (as defined in the Indenture)
contained in clause (29) of the definition of “Permitted Liens” in
Section 1.01 of the Indenture from 3.0 to 1.0 to 3.5 to 1.0,
subject to the satisfaction of certain requirements.
The implementation of the Proposed Amendments is subject to the
valid delivery of consents by holders (as of the record date) of
Notes constituting a majority of the outstanding principal amount
of the Notes (the “Requisite Consents”), the acceptance of the
consents by the Company, as well as the other conditions set forth
in the Solicitation Documents, including the execution of a
supplemental indenture effecting the Proposed Amendments. If these
conditions are satisfied or waived, and the Proposed Amendments are
implemented, the Proposed Amendments will become operative only
upon the Company’s making consent payments to holders (as of the
record date) of Notes who validly deliver and do not revoke their
consents on or before the expiration date, as set forth in the
Solicitation Documents.
The solicitation of consents is scheduled to expire at 5:00
p.m., New York City time, on June 17, 2014, unless extended or
earlier terminated.
Jefferies LLC is acting as the solicitation agent and Ipreo LLC
is acting as the information and tabulation agent in connection
with the consent solicitation. Additional information concerning
the terms of the consent solicitation and copies of the
Solicitation Documents may be obtained from Ipreo by holders (as of
the record date) of the Notes. Ipreo may be contacted at (888)
593-9546 (toll free) or (212) 849-3880.
This press release shall not constitute a solicitation of
consents with respect to the Notes. The consent solicitation may
only be made in accordance with and subject to the terms and
conditions specified in the Solicitation Documents, which more
fully set forth the terms and conditions of the consent
solicitations.
Forward-Looking Statements
This news release contains forward-looking statements. Generally
words such as “may,” “will,” “should,” “could,” “anticipate,”
“expect,” “intend,” “estimate,” “plan,” “continue,” and “believe”
or the negative of or other variation on these and other similar
expressions identify forward-looking statements. These
forward-looking statements are made only as of the date of this
news release. The Company does not undertake to update or revise
the forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking statements
are based on current expectations and involve risks and
uncertainties.
About Acadia
Acadia is a provider of inpatient behavioral healthcare
services. Acadia operates a network of 52 behavioral healthcare
facilities with more than 4,300 licensed beds in 24 states and
Puerto Rico. Acadia provides psychiatric and chemical dependency
services to its patients in a variety of settings, including
inpatient psychiatric hospitals, residential treatment centers,
outpatient clinics and therapeutic school-based programs.
Acadia Healthcare Company, Inc.Brent Turner,
615-861-6000President
Acadia Healthcare (NASDAQ:ACHC)
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