Acadia Healthcare Secures Requisite Consents to Amend its Indenture Related to its 12.875% Senior Notes due 2018
June 18 2014 - 8:00AM
Business Wire
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) (the “Company”)
today announced that it has received the requisite consents in
connection with its consent solicitation commenced on June 9, 2014
relating to an amendment (the “Amendment”) to the indenture (the
“Indenture”) governing its 12.875% Senior Notes due 2018 (the
“Notes”).
Ipreo LLC, the information and tabulation agent for the consent
solicitation, advised the Company that as of the expiration of the
consent solicitations at 5:00 p.m., New York City time, on June 17,
2014, the Company had received consents that had not been withdrawn
in respect of a majority in aggregate principal amount of the Notes
outstanding as of the record date. Following the receipt of the
requisite consents from holders of the Notes, the Company executed
a Supplemental Indenture dated as of June 17, 2014 effecting the
Amendment (the “Supplemental Indenture”) and will pay a consent fee
to the holders of the Notes who consented to the Amendment. The
Supplemental Indenture binds all holders of the Notes and their
transferees.
The Amendment increases 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. The Amendment, as evidenced by the
Supplemental Indenture, will enable the Company to incur additional
secured indebtedness, thereby affording the Company greater
financial flexibility.
Jefferies LLC acted as the solicitation agent and Ipreo LLC
acted as the information and tabulation agent in connection with
the consent solicitation. Additional information concerning the
terms of the consent solicitation 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 circulated to
holders of the Notes, 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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