MedCath Corporation Announces Closing of Private Placement and New Credit Facility
July 09 2004 - 8:00AM
PR Newswire (US)
MedCath Corporation Announces Closing of Private Placement and New
Credit Facility CHARLOTTE, N.C., July 9 /PRNewswire-FirstCall/ --
MedCath Corp. (NASDAQ:MDTH) announced today that its wholly owned
subsidiary, MedCath Holdings Corp., completed its private placement
of $150 million of 9-7/8% Senior Notes due 2012 (the "Notes") and
has entered into a new $200 million senior secured credit facility.
The Notes were offered by means of a private placement to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended (the "Act"), and to eligible purchasers in
offshore transactions pursuant to Regulation S under the Act.
MedCath used the net proceeds from the offering, together with
borrowings under the new senior secured credit facility and cash on
hand, to repay outstanding indebtedness. The Notes have not been
registered under the Act, or applicable state securities laws, and
may not be offered or sold in the United States absent registration
under the Act and applicable state securities laws or applicable
exemptions from these registration requirements. This announcement
is not an offer to sell or the solicitation of an offer to buy the
Notes or any security of MedCath Corporation. MedCath Corporation,
headquartered in Charlotte, N.C., is a healthcare provider focused
primarily on the diagnosis and treatment of cardiovascular disease.
It owns and operates hospitals in partnership with physicians, most
of whom are cardiologists and cardiovascular surgeons. While each
of its hospitals is licensed as a general acute care hospital,
MedCath focuses on serving the unique needs of patients suffering
from cardiovascular disease. Together with its physician partners
who own equity interests in them, MedCath owns and/or operates 13
hospitals with a total of 759 licensed beds, located in Arizona,
Arkansas, California, Louisiana, New Mexico, Ohio, South Dakota,
Texas and Wisconsin. In addition to its hospitals, MedCath provides
cardiovascular care services in diagnostic and therapeutic
facilities located in various states and through mobile cardiac
catheterization laboratories. MedCath also provides consulting and
management services tailored to cardiologists and cardiovascular
surgeons. DATASOURCE: MedCath Corporation CONTACT: John T. Casey,
President-Chief Executive Officer, +1-704-708-6600, or James E.
Harris, Chief Financial Officer, +1-704-708-6600, both of MedCath
Corporation Web site: http://www.medcath.com/
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