DALLAS, Oct. 13 /PRNewswire/ -- Highland Capital
Management, L.P. ("Highland"), a Dallas-based, SEC-registered investment
adviser with approximately $22
billion of assets under management, announced today that
American HomePatient, Inc. ("American HomePatient" or "the
Company") -- which previously traded as (OTC Bulletin Board:
AHOM) -- completed a public-to-private transaction and filed
documents with the SEC to deregister its Common Stock, resulting in
American HomePatient becoming 100% owned by a fund managed by
Highland. This transaction is the culmination of a series of
transactions, including (i) a self-tender of common shares by the
Company and (ii) a restructuring of the Company's senior debt of
$216 million led by Highland that
were completed on September 2,
2010.
The American HomePatient transaction is a prime example of
Highland's distressed investment strategy. As one of the
world's largest investors in U.S. corporate debt, with an
investment staff that monitors more than 2,000 companies across
industries, Highland has a distinct ability to identify attractive
investment opportunities designed to generate above-average returns
over time.
Headquartered in Brentwood,
Tennessee, American HomePatient is one of the nation's
largest and most comprehensive respiratory and service providers to
Medicare and Managed Care patients in 33 states. Founded in
1983, American HomePatient offers respiratory and infusion therapy,
enteral and parenteral nutrition services, respiratory diagnostic
equipment; patient home medical equipment and related supplies.
Under Highland's ownership, American HomePatient will benefit
from access to the financial and strategic resources necessary to
help the Company realize accelerated, profitable growth.
Using a structured and proven approach to value creation, Highland
will partner with management to build a long-term competitive
advantage through differentiation in service quality and
operational excellence.
Joseph F. Furlong, President and
Chief Executive Officer of the Company, stated: "We are very
pleased to complete this process and be aligned with an
organization such as Highland. The stability provided as a
result of the restructuring of our senior debt, coupled with
Highland's commitment to our long term success, will be of great
benefit to all of our stakeholders, including customers, employees
and vendors."
"Patients will continue to receive a high standard of care,
physicians and Managed Care Organizations will continue to do
business with a reliable partner and employees can look forward to
expanded career opportunities."
Patrick Daugherty, Head of
Private Equity Investments at Highland, stated: "We are looking
forward to working with the management team at American HomePatient
to take advantage of compelling opportunities in the evolving
business of providing home durable medical equipment. We
believe that American HomePatient is well-positioned to benefit
from the market changes caused by the government's Competitive
Bidding Program. The combination of the American HomePatient
organization, products and services with our resources will enhance
the Company's long term value and success."
ABOUT HIGHLAND CAPITAL MANAGEMENT, L.P.
Highland Capital Management, L.P. is a SEC-registered investment
adviser with approximately $22
billion of assets under management. It is one of the largest
global alternative fixed income managers, specializing in bank
loans, high yield credit, distressed debt, structured products,
real assets, and long-short equities, with a global geographic
reach.
Highland's diversified client base includes public pension
plans, foundations and endowments, corporations, financial
institutions, fund of funds, governments, high net worth
individuals, and mutual fund investors. To best meet the different
goals of these investors, Highland offers a variety of product
types, including credit funds, private equity-style funds, managed
separate accounts, hedge funds, retail mutual funds, and
collateralized loan obligations (CLOs).
Highland Capital is headquartered in Dallas, Texas and maintains offices in
New York, London and Singapore. For further information,
please visit www.hcmlp.com.
ABOUT AMERICAN HOMEPATIENT
American HomePatient is one of the nation's largest home health
care providers with operations in 33 states. A full-service
respiratory company, American HomePatient provides oxygen equipment
and supplies, patient assessment and follow up, and sleep therapy
equipment (CPAP and supplies), as well as infusion therapy,
parenteral and enteral nutrition, and medical equipment for
patients in their home. For more information, visit
www.ahom.com.
SOURCE Highland Capital Management, L.P.
Copyright . 13 PR Newswire