Radiation Therapy Services Closes $50 Million Credit Facility Expansion
July 02 2007 - 5:30PM
PR Newswire (US)
- Accordion Feature Provides for Additional Acquisition Funding -
FORT MYERS, Fla., July 2 /PRNewswire-FirstCall/ -- Radiation
Therapy Services, Inc. (NASDAQ:RTSX), a leading operator of
radiation therapy centers, announced today it closed a $50 million
expansion of its credit facility by exercising the Term B accordion
feature. The participants in the credit facility expansion include
members of the senior bank lending group, existing institutional
investors and other participating financial institutions. The
Company used the proceeds of the Term B expansion to pay down its
revolving credit facility, after which the outstanding balances of
the Term B financing and revolving credit facility were $148.1
million and $29.2 million, respectively. The current availability
under the revolving credit facility is $110.5 million. David N.T.
Watson, Executive Vice President and Chief Financial Officer,
stated, "We are extremely pleased with the continued high level of
support provided by our banking and institutional partners. This
additional access to capital will support the Company's continued
expansion within our existing markets as well as entry into new
local markets." The Company will be reporting the closing of this
credit facility on a Form 8-K filed with the SEC on or before July
6, 2007. About Radiation Therapy Services, Inc. Radiation Therapy
Services, Inc., which operates radiation treatment centers
primarily under the name 21st Century Oncology, is a provider of
radiation therapy services to cancer patients. The Company's 80
treatment centers are clustered into 25 local markets in 16 states,
including Alabama, Arizona, California, Delaware, Florida,
Kentucky, Maryland, Massachusetts, Michigan, Nevada, New Jersey,
New York, North Carolina, Pennsylvania, Rhode Island and West
Virginia. The Company is headquartered in Fort Myers, Florida. More
information about the Company can be found at its Web site
http://www.rtsx.com/. RTSXG This release may contain
forward-looking statements about the Company's future plans,
expectations and objectives, including, but not limited to, the
Company's expected financial results and estimates for 2007. Words
such as "may," "will," "expect," "intend," "anticipate," "plan,"
"believe," "seek," "could" and "estimate" and variations of these
words and similar expressions are intended to identify forward-
looking statements. These forward-looking statements are not
historical facts and are subject to risks and uncertainties that
could cause the actual results to differ materially from those
projected in these forward-looking statements including, but not
limited to the Company's actual financial results, those risk
factors described in the "Risk Factors" section and other
information in the Company's most recently filed annual report on
Form 10-K, as well as the Company's other filings with the
Securities and Exchange Commission which are available on the SEC's
website at http://www.sec.gov/. Readers of this release are
cautioned not to place undue reliance on forward-looking
statements. The Company undertakes no obligation to publicly update
or revise the forward-looking statements contained herein to
reflect changed events or circumstances after the date of this
release. Contacts: Investors: David N.T. Watson Nick Laudico / Zack
Kubow Chief Financial Officer The Ruth Group Radiation Therapy
Services, Inc. 646-536-7030 / 7020 239-931-7281 DATASOURCE:
Radiation Therapy Services, CONTACT: David N.T. Watson, Chief
Financial Officer, of Radiation Therapy Services, Inc.,
+1-239-931-7281, ; or Nick Laudico / Zack Kubow of The Ruth Group,
+1-646-536-7030 / 7020, , Web site: http://www.rtsx.com/
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