American Dental Partners Announces Closing of Common Stock Offering and Senior Debt Refinancing
21 August 2009 - 7:34PM
Marketwired
American Dental Partners, Inc. (NASDAQ: ADPI) announced today that
it completed its previously announced public offering of 2,260,000
shares of common stock at a price of $12.00 per share to the public
(excluding the underwriter's over-allotment option to purchase an
additional 339,000 shares) with net proceeds of approximately
$25,300,000 after deducting underwriting discounts and commissions
and estimated expenses of the offering.
The Company also announced that it closed a refinancing of its
senior credit agreements. The Company entered into a new
$130,000,000 senior secured credit facility, which includes a
$50,000,000 revolving credit facility and an $80,000,000 term loan
facility.
Borrowings under the new credit facility and the proceeds from
the public offering of common stock were used to refinance the
Company's existing senior secured revolving credit facility and
term loan and the balance of the new facility will be available for
working capital and other general corporate purposes.
Robert W. Baird & Co. acted as the sole underwriter for the
public offering.
American Dental Partners is one of the nation's leading business
partners to dental group practices. The Company is affiliated with
26 dental group practices which have 242 dental facilities with
approximately 2,131 operatories located in 18 states.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: With the exception of the historical
information contained in this news release, the matters described
herein contain "forward-looking" statements that involve risk and
uncertainties that may individually or collectively impact the
matters herein described, including but not limited to the
Company's risks associated with overall or regional economic
conditions, dependence upon affiliated dental practices, contracts
its affiliated practices have with third-party payors, government
regulation of the dental industry, impact of health care reform,
dependence upon service agreements and the impact of any
terminations or potential terminations of such contracts, business
interruptions, the outcome of pending litigation and the Company's
acquisition and affiliation strategy, which are detailed from time
to time in the "Risk Factors" section of the Company's SEC reports,
including the annual report on Form 10-K for the year ended
December 31, 2008 and quarterly reports on Form 10-Q.
Contacts: Gregory A. Serrao Chairman, President and Chief
Executive Officer 781-224-0880 Breht T. Feigh Executive Vice
President, Chief Financial Officer and Treasurer 781-224-0880
American Dental Partners, Inc. 401 Edgewater Place, Suite 430
Wakefield, MA 01880 Phone: 781/224-0880 Fax: 781/224-4216
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