TORONTO, June 10, 2013 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), today announced that it has redeemed an additional $7.5 million of preferred units of LifeMark Health Limited Partnership held by Alaris Income Growth Fund Partnership ("Alaris Units") for cancellation.
"The additional repayment of a portion of our most expensive debt is another meaningful step forward as we continue to focus on strengthening our balance sheet," said Daniel Gagnon, Chief Financial Officer, Centric Health Corporation. "The Company intends to redeem the remaining units, which may be redeemed in whole or part at par prior to June 8, 2014, after which they escalate at 4% per annum."
The $7.5 million redemption of Alaris Units follows on $22.5 million of Alaris Units redeemed in April 2013 to bring total redemptions of the original outstanding $65.5 million of Alaris Units to $30.0 million. Alaris Income Growth Fund Partnership continues to hold $35.5 million in Alaris Units.
About Centric Health
Centric Health's vision is to be Canada's premier healthcare company, providing innovative solutions centered on patients and healthcare professionals. As a diversified healthcare company with investments in several niche service areas, Centric Health currently has operations in medical assessments, disability and rehabilitation management, physiotherapy and surgical centres, homecare, specialty pharmacy and wellness and prevention. With knowledge and experience of healthcare delivery in international markets and extensive and trusted relationships with payers, physicians, and government agencies, Centric Health is pursuing expansion opportunities into other healthcare sectors to create value for all stakeholders with an unwavering commitment to the highest quality of care. Centric Health is listed on the TSX under the symbol CHH. For further information, please visit www.centrichealth.ca.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from.
SOURCE: Centric Health Corporation
For further information:
Chief Financial Officer
416-815-0700 ext. 257