CHILDREN'S COMPREHENSIVE SERVICES OBTAINS NEW CREDIT FACILITY.MURFREESBORO, Tenn.--(BUSINESS WIRE)--Nov. 15, 1996--William J Ballard, Chairman and Chief Executive Officer of Children's Comprehensive Services, Inc. ("CCS (1) (Common Channel Signaling) A communications system in which one channel is used for signaling and different channels are used for voice/data transmission. Signaling System 7 (SS7) is a CCS system, also known as CCS7. See SS7. ") (Nasdaq/NM: KIDS), today announced that the Company has entered into a new agreement with First American National Bank For other banks with a similar name, see . First American National Bank was a subsidiary of First American National Corporation, a financial institution based in Nashville, Tennessee that served the states of Tennessee, Kentucky, Georgia and Virginia. for a $13 million line of credit. The new line of credit will bear interest at the lesser of the bank's prime rate or an adjusted LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). rate. The new facility, with an initial term through November 1, 1999, replaces a prior line of credit of up to $2 million, which had an interest rate of prime plus 3/4%. Mr. Ballard remarked, "The ability to secure this new line of credit reflects the steady, profitable growth the Company has demonstrated. We sought this new agreement to increase CCS's ability to respond to opportunities in the market for services to at risk and troubled youth. In addition to this new line of credit, at September 30, 1996, CCS had cash and cash equivalents of $26.7 million." Children's Comprehensive Services provides, either directly or through management contracts, education and treatment services for at-risk and troubled youth. It currently offers these services through the operation and management of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. education programs and both open and secure residential treatment centers A residential treatment center, often referred to by the acronym RTC, is a live-in therapy/behavior modification facility for adolescents who suffer from a variety of emotional conditions, ranging from drug abuse to violence to sexual behavioral problems. for local, state and federal government agencies in Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , California, Florida, Louisiana, Tennessee and Texas. CONTACT: Children's Comprehensive Services, Inc., Murfreesboro Donald B. Whitfield, 615/896-3100 |
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