CINCINNATI--(BUSINESS WIRE)--March 31, 2006--Chemed Corporation
("Chemed") (NYSE:CHE) today finalized Amendment No. 1 to its Amended
And Restated Credit Agreement (Amendment). JPMorgan Chase Bank acted
as both the agent and arranger for this transaction.
On March 31, 2006, Chemed repaid in full its bank term loan of
$84 million, which had an interest rate of LIBOR, plus 2.0%. This was
accomplished using $41 million of cash with the remainder funded by
drawing on its revolving credit facility. The Amendment consisted
primarily of lowering the revolving credit facility's commitment fee,
annual fee and establishing lower borrowing spreads based upon
Chemed's Leverage Ratio and most recently reported four quarters of
financial results. The current interest rate on the amended revolving
credit facility is LIBOR plus 1.25%. An accordion feature is included
in this Amendment that allows Chemed the opportunity to expand its
revolving credit facility from $175 million to $225 million.
Listed on the New York Stock Exchange and headquartered in
Cincinnati, Ohio, Chemed Corporation (www.chemed.com) operates two
wholly owned subsidiaries: VITAS Healthcare and Roto-Rooter. VITAS is
the nation's largest provider of end-of-life hospice care and
Roto-Rooter is the nation's leading provider of plumbing and drain
Statements in this press release or in other Chemed communications
may relate to future events or Chemed's future performance. Such
statements are forward-looking statements and are based on present
information Chemed has related to its existing business circumstances.
Investors are cautioned that such forward-looking statements are
subject to inherent risk that actual results may differ materially
from such forward-looking statements. Further, investors are cautioned
that Chemed does not assume any obligation to update forward-looking
statements based on unanticipated events or changed expectations.
CONTACT: Chemed Corporation
David P. Williams, 513-762-6901
SOURCE: Chemed Corporation