Curative Health Services Completes Credit Facility with GE Healthcare Financial Services.Business Editors/Health/Medical Writers HAUPPAUGE, N.Y.--(BUSINESS WIRE)--June 10, 2003 Curative Health Services health services Managed care The benefits covered under a health contract , Inc., (Nasdaq: CURE), announced the completion of a new $35 million senior secured credit facility with GE Healthcare Financial Services, including a $15 million revolver and a $20 million term loan, which replaces the Company's existing line of credit. The new credit facility matures on June 9, 2008 and bears interest at variable rates equal to LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus a margin ranging from 3% to 4%. The new facility will be expandable for acquisitions, subject to conditions, for an additional $45 million. As previously discussed, it is anticipated that there will be a charge of $0.03-$0.04 per diluted share related to terminating the Company's existing credit facility. Joseph Feshbach, Curative's Chairman and Chief Executive Officer, commented on the new agreement. "We are very pleased to enter into this relationship with GE Healthcare Financial Services. The completion of this credit facility provides Curative with additional resources to support the expansion of our Specialty Pharmacy Services business both organically and through further acquisitions." About Curative Health Services Curative Health Services delivers superior clinical outcomes and unmatched patient satisfaction for patients experiencing serious medical conditions through two unique business units. Curative's Specialty Pharmacy Services business unit provides services to help patients manage the health care process, and offers related pharmacy products to patients for chronic and critical disease states including Hemophilia, Immune System immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. Disorders, Respiratory Syncytial Virus respiratory syncytial virus (sĭnsĭsh`əl): see cold, common. (RSV RSV respiratory syncytial virus; Rous sarcoma virus. RSV abbr. respiratory syncytial virus RSV 1 Respiratory syncytial virus, see there 2 Rous sarcoma virus, see there ), Multiple Sclerosis and Rheumatoid Arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. . Curative's Specialty Healthcare Services ("SHS SHS Shares (stock) SHS SAW (Surface Acoustic Wave) Humidity Sensor SHS Sciences Humaines et Sociales (French: Social Sciences) SHS Student Health Service SHS Second Hand Smoke ") business unit is an industry leader in chronic wound care management, consistently achieving an outcome success rate of more than 85 percent. SHS provides a broad continuum of services to health care providers through a nationwide network. This national network of hospital-based Wound Care Center(R) programs has offered comprehensive treatment to over 375,000 patients, achieving more than a 94 percent patient satisfaction rate. For more information, visit www.curative.com This press release contains forward-looking statements within the meaning 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Factors that might cause such differences include, but are not limited to, the termination or non-renewal of a material number of contracts, an inability to obtain new contracts, changes in the government regulations relating to the Company's Specialty Healthcare Services or Specialty Pharmacy Services business units, changes in the regulations governing third party reimbursements for the Company's services, manufacturing shortages of products sold by Curative's Specialty Pharmacy Services business unit, and the other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. Readers of this release are referred to the Company's Annual Report on 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 December 31, 2002 and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2003, for further discussion of these and other factors that could affect future results. Editors Note: This release is also available on the Internet over the World Wide Web at: http://www.curative.com |
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