Managed Care Weekly Digest
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Health Maintenance Organizations
Prospect Medical Holdings Closes Acquisition of ProMed Healthcare for $48.0 Million
June 18th, 2007
Prospect Medical Holdings, Inc. (AMEX: PZZ) ("Prospect"), which manages the medical care of HMO enrollees in Southern California, announced that it has completed its previously announced acquisition of ProMed Health Care for cash consideration of $41.0 million and shares of Prospect common stock valued at approximately $7.0 million. Bank of America provided $53.0 million of financing to Prospect for the acquisition, which was comprised of a $48.0 million term loan, with an initial interest rate of prime plus 0.75%, and a $5.0 million revolving credit facility, with an initial interest rate of prime plus 0.25%. The term loan was used to fund the cash portion of the...
Source: Managed Care Weekly Digest (2007-06-18)
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