ALARIS Medical Systems' Debt Upgraded by Moody's.Business Editors/Health/Medical Writers SAN DIEGO--(BUSINESS WIRE)--Feb. 11, 2004 ALARIS Medical Systems Inc. (NYSE NYSE See: New York Stock Exchange :AMI), developer of products for the safe delivery of intravenous (IV) medications, said today that its corporate debt has been upgraded by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. . The company's Senior Secured Revolving Credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility and Senior Secured Term Loan B facility have been upgraded to Ba3 from B1. ALARIS Medical Systems' Senior Subordinated Notes have been upgraded to B2 from B3. In announcing the upgrade, Moody's said, in part, "Moody's based its action on the company's successful restructuring combined with the faster than anticipated plan for permanent debt reduction over the next several years." As a result of the Moody's upgrade and a December 2003 amendment to the company's credit agreement, the interest rate ALARIS Medical Systems pays on the Term Loan B facility will be immediately reduced by 25 basis points to LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 2.25. The company estimates that this will save approximately $375,000 in interest payments for the balance of 2003. About ALARIS Medical Systems Inc. ALARIS Medical Systems Inc. develops and markets products for the safe delivery of intravenous (IV) medications. The company's IV medication and infusion therapy delivery systems, software applications, needle-free disposables and related monitoring equipment are marketed in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and internationally. ALARIS Medical Systems' "smart" pumps, with the proprietary Guardrails(R) Safety Software, help to reduce the risks and costs of medication errors medication error Malpractice An error in the type of medication administered or dosage. See Adverse effect, Error. , help to safeguard patients and clinicians and gather and record clinical information for review, analysis and interpretation. The company provides its products, professional and technical support and training services to over 5,000 hospital and health care systems, as well as alternative care sites, in more than 120 countries through its direct sales force and distributors. With headquarters in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , ALARIS Medical Systems employs approximately 3,000 people worldwide. Additional information on ALARIS Medical Systems can be found at http://www.alarismed.com. This news release contains forward-looking statements as defined in the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Persons reading this release are cautioned that such forward-looking statements involve risks and uncertainties, including the effect of legislative and regulatory changes affecting the health care industry, the potential of increased levels of competition, technological changes, the dependence of ALARIS Medical Systems upon the success of new products (including its proprietary Guardrails(R) Safety Software and the Medley(TM) Medication Safety System) and ongoing research and development efforts including obtaining regulatory approvals, and the amount of the company's indebtedness. Such risk factors are detailed in the Securities and Exchange Commission filings of ALARIS Medical Systems Inc., formerly known as ALARIS Medical Inc., including Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2002, and other filings. On June 30, 2003 the two companies were merged. Subsequent SEC filings are available only for ALARIS Medical Systems Inc. The company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments. |
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