The Providence Service Corporation (NASDAQ:PRSC) Files An 8-K Entry into a Material Definitive AgreementItem 8.01 Entry into a Material Definitive Agreement.
Amendment to Credit Facility
On June 7, 2018, The Providence Service Corporation (the “Company”) and certain of its subsidiaries entered into the Fifth Amendment to the Amended and Restated Credit and Guaranty Agreement (the “Amendment”), amending that certain Amended and Restated Credit and Guaranty Agreement dated as of August 2, 2013 (as amended to date, the “Credit Agreement”), by and among the Company, the guarantors from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A. as administrative agent.
The Amendment extends the maturity date of the Credit Agreement to August 2, 2019. The Amendment also amends certain covenants under the Credit Agreement to provide for greater operational, financial and strategic flexibility, including the implementation of the Company’s previously announced organizational consolidation plan.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is attached as Exhibit 10.1 hereto and incorporated herein by reference.
Item 8.01 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth above under Item 8.01 with respect to the Amendment is incorporated by reference into this Item 8.01.
Item 8.01 Other Events.
On June 5, 2018, the Company issued a press release announcing the record date and payment date for a cash dividend payable to holders of its shares of 5.5%/8.5% Series A convertible preferred stock. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 8.01 Financial Statements and Exhibits.
(d) Exhibits.
PROVIDENCE SERVICE CORP ExhibitEX-10.1 2 prsc-fifthamendmenttocredi.htm EXHIBIT 10.1 Exhibit FIFTH AMENDMENT TO THE AMENDED AND RESTATEDCREDIT AND GUARANTY AGREEMENTTHIS FIFTH AMENDMENT TO THE AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT dated as of June 7,…To view the full exhibit click here
About The Providence Service Corporation (NASDAQ:PRSC)
The Providence Service Corporation is a holding company. The Company, through its subsidiaries, provides critical healthcare and workforce development services. It operates in over two industry sectors, including the United States healthcare and global workforce development, through its three operating segments: Non-Emergency Transportation Services (NET Services), Workforce Development Services (WD Services) and Health Assessment Services (HA Services). The NET Services segment coordinates non-emergency transportation for individuals whose limited mobility and/or financial resources would otherwise hinder them from accessing necessary healthcare and social services. The WD Services segment provides employability and offender rehabilitation services to eligible participants of government sponsored programs. The HA Services segment provides care optimization and delivery solutions, including various health assessments for health plans, as well as in-home care management offerings.
