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Chemed > Investor Relations > News Releases > News Release
News Releases
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Chemed Corporation Announces a New Bank Credit Facility Agreement

CINCINNATI--(BUSINESS WIRE)--May 2, 2007--Chemed Corporation ("Chemed") (NYSE:CHE) entered into a new Bank Credit Facility Agreement (Facility Agreement). JPMorgan Chase Bank acted as the administrative agent and arranger for this transaction. Citibank and LaSalle were the syndication agents and National City Bank was the documentation agent.

Terms of the Facility consist of a $100 million five-year term loan and a $175 million revolving credit agreement. The interest rate on this Facility Agreement has a floating rate that is currently LIBOR plus 87.5 basis points. The term loan requires 10% amortization per year and allows for early termination without any prepayment penalty. An accordion feature is included in this Facility Agreement that provides Chemed the opportunity to expand its revolver and/or term loan an aggregate of $100 million.

Proceeds from this Facility Agreement will be used to fund the redemption of Chemed's $150 million of 8-3/4% Senior Notes due 2011 (Notes) on May 4, 2007. The redemption is being made pursuant to the terms of the indenture dated February 24, 2004 at a redemption price of 104.375% of the principal amount of the Notes together with accrued but unpaid interest.

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 cleaning services.

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

All information current at time of original publication. Read complete disclaimer for details.
Copyright © 2005, Chemed Corporation. All rights reserved.
Page last modified: 04/18/05