TLCVision Secures Extension of Credit Facility Limited Waiver to October 13, 2009
01 Octubre 2009 - 3:19PM
Marketwired
TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's
premier eye care services company, today announced that it has
secured from its lenders holding a majority amount of its secured
credit facility, an extension to October 13, 2009 of the previously
announced limited waiver with respect to its credit facility that
expired on September 30, 2009, along with a forbearance with
respect to certain payment obligations under the facility.
The credit agreement, dated June 21, 2007, as amended, provides
for a US$85 million term loan and a US$25 million revolving credit
line. As of September 30, 2009, the principal amount outstanding
under the credit facility was approximately US $100.1 million.
The extension and forbearance agreement is contained in the
limited waiver, dated as of September 30, 2009, which, among other
things, provides a limited waiver through October 13, 2009 of
specified defaults and extends to October 14, 2009, the time for
payment of certain principal, interest and other payments
previously due, provided, however, that in the event that the
limited waiver is executed by less than 100% of the lenders, the
limited waiver provides that lenders will, until October 13, 2009,
forbear from exercising their rights arising out of the non-payment
of certain principal, interest and other payments previously due.
The limited waiver provides that lenders holding a majority amount
of the secured credit facility may, in their sole discretion,
extend the waiver period to October 30, 2009.
The agreement also provides for the Company to negotiate in good
faith and use its best efforts to agree by October 26, 2009 to (i)
documentation for additional debt financing acceptable to lenders
representing a majority of the outstanding debt under the credit
agreement, and (ii) documentation for an overall debt and/or equity
restructuring acceptable to the credit agreement lenders under
applicable law.
A copy of the limited waiver will be included as an exhibit to a
Form 8-K to be filed promptly by the Company.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the U.S. Securities Act of
1933, Section 21E of the U.S. Securities Exchange Act of 1934 and
Canadian Provincial Securities Laws, which statements can be
identified by the use of forward-looking terminology, such as
"may," "will," "expect," "intend," "anticipate," "estimate,"
"predict," "plans" or "continue" or the negative thereof or other
variations thereon or comparable terminology referring to future
events or results. We caution that all forward-looking information
is inherently uncertain and that actual results may differ
materially from the assumptions, estimates or expectations
reflected in the forward-looking information. A number of factors
could cause actual results to differ materially from those in
forward-looking statements, including but not limited to economic
conditions, the level of competitive intensity for laser vision
correction, the market acceptance of laser vision correction,
concerns about potential side effects and long term effects of
laser vision correction, the ability to maintain agreements with
doctors on satisfactory terms, quarterly fluctuation of operating
results that make financial forecasting difficult, the volatility
of the market price of our common shares, profitability of
investments, successful execution of our direct-to-consumer
marketing programs, the ability to open new centers, the reliance
on key personnel, medical malpractice claims and the ability to
maintain adequate insurance therefore, claims for federal, state
and local taxes, compliance with industry regulation, compliance
with U.S. and Canadian healthcare regulations, disputes regarding
intellectual property, many of which are beyond our control.
Therefore, should one or more of theses risks materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary significantly from what we
currently foresee. Accordingly, we warn investors to exercise
caution when considering any such forward-looking information
herein and to not place undue reliance on such statements and
assumptions. We are under no obligation (and we expressly disclaim
any such obligation) to update or alter any forward-looking
statements or assumptions whether as a result of new information,
future events or otherwise, except as required by law.
See the Company's reports filed with the Canadian Securities
Regulators and the U.S. Securities and Exchange Commission from
time to time for cautionary statements identifying important
factors with respect to such forward-looking statements, including
certain risks and uncertainties, that could cause actual results to
differ materially from results referred to in forward-looking
statements. TLCVision assumes no obligation to update the
information contained in this press release.
About TLCVision
TLCVision is North America's premier eye care services company,
providing eye doctors with the tools and technologies needed to
deliver high-quality patient care. Through its centers' management,
technology access service models, extensive optometric
relationships, direct to consumer advertising and managed care
contracting strength, TLCVision maintains leading positions in
Refractive, Cataract and Eye Care markets. Information about vision
correction surgery can be found on the TLC Laser Eye Centers'
website www.tlcvision.com.
Contact: James J. Hyland VP Investor Relations (636) 534-2369
Email: investor.relations@tlcvision.com
Tlc Vision (MM) (NASDAQ:TLCV)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Tlc Vision (MM) (NASDAQ:TLCV)
Gráfica de Acción Histórica
De May 2023 a May 2024