Key Developments For American Dental Partners Inc
American Dental Partners Inc (ADPI.O) (Nasdaq)
American Dental Partners, Inc. Announces Affiliation With Christie Dental
American Dental Partners, Inc. announced that it has entered into an agreement to acquire certain non-clinical assets of Christie Dental Practice Group, P.L. and Christie Dental Partners, Inc. (collectively, Christie Dental) and enter into a 40 year service agreement with Christie Dental Practice Group, P.L. The closing of the acquisition is expected to occur on or about December 1, 2009, at which time the service agreement will become effective. Christie Dental will be American Dental Partners' first affiliation with a dental group practice in the state of Florida. Terms of the deal were not disclosed.
American Dental Partners, Inc. Announces Closing of Common Stock Offering
American Dental Partners, Inc. announced that it has completed its previously announced public offering of 2,260,000 shares of common stock at a price of $12.00 per share to the public (excluding the underwriter's over allotment option to purchase an additional 339,000 shares) with net proceeds of approximately $25,300,000 after deducting underwriting discounts and commissions and estimated expenses of the offering. Robert W. Baird & Co. acted as the sole underwriter for the public offering.
American Dental Partners, Inc. Announces Pricing of Common Stock Offering and Commitments for Senior Debt Refinancing
American Dental Partners, Inc. announced that it priced a public offering of 2,260,000 shares of common stock at $12.00 per share with expected net proceeds of approximately $25,337,000 after deducting underwriting discounts and commissions and estimated expenses of the offering (assuming no exercise of an over-allotment option to purchase an additional 339,000 shares granted by the Company to the underwriter). The Company also announced that it has received commitments from lenders for a new $130,000,000 senior secured credit facility, which includes a $50,000,000 revolving credit facility and an $80,000,000 term loan. The net proceeds from the public offering of common stock and borrowings available under the new senior credit facility will be used to retire the Company's existing senior secured revolving credit facility and term loan and the balance will be available for other general and working capital purposes. The closing of the public offering of shares and the senior credit facility are expected to take place on August 21, 2009. The Company expects at closing the term loan to be fully funded and the revolving credit facility to have borrowings of approximately $5,000,000. At closing, approximately $45,000,000 will remain undrawn on the revolving credit facility and based on financial covenants $39,000,000 will be available for borrowing under the revolving credit facility.
American Dental Partners, Inc. Announces Common Stock Offering
American Dental Partners, Inc. announced that it has commenced a public offering of 2,260,000 shares of common stock. American Dental Partners will grant the underwriter in the offering an option to purchase up to 339,000 additional shares of common stock at the same price per share to cover any over-allotments. American Dental Partners expects to use the net proceeds from the offering for repayment of outstanding indebtedness and other general and working capital purposes. Robert W. Baird & Co. will act as the sole underwriter for the offering.
American Dental Partners, Inc. Files $50 Million Mixed Securities Shelf-DJ
Dow Jones reported that American Dental Partners, Inc. filed with the U.S. Securities and Exchange Commission to sell up to $50 million in mixed securities from time to time. The Company said the mixed securities include debt securities, common stock and warrants. American Dental said it intends to use the net proceeds from the sale of the securities for general corporate purposes, which may include the repayment of debt, the financing of capital expenditures, future acquisitions and additions to working capital.
