TLCVision Secures Extension of Credit Facility Limited Waiver to November 15, 2009
October 22 2009 - 11:55AM
Marketwired
TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's
premier eye care services company, today announced that it has
secured from its lenders holding a majority amount of its secured
credit facility, an extension to November 15, 2009 of the
previously announced limited waiver with respect to its credit
facility that expired on October 13, 2009, and of the forbearance
with respect to certain payment obligations under the facility.
The credit agreement, dated June 21, 2007, as amended, provides
for a US$85 million term loan and a US$25 million revolving credit
line. As of September 30, 2009, the principal amount outstanding
under the credit facility was approximately US $100.1 million.
The amendment to the limited waiver, dated as of October 13,
2009, provides an extension of the limited waiver through November
15, 2009 of specified defaults and provides that the lenders will,
until November 15, 2009, forbear from exercising their rights
arising out of the non-payment of certain principal, interest and
other payments previously due. The limited waiver provides that the
waiver period will terminate prior to November 15, 2009, if, among
other things, (i) a restructuring monitor satisfactory to the
steering committee for the lenders and the Company ceases to be
retained by the Company to assist with the implementation of the
restructuring of certain obligations and other liabilities of the
Company and certain of its subsidiaries and certain related
transactions, or (ii) the steering committee for the lenders
reasonably determines that the Company is not making satisfactory
progress with respect to the implementation and pursuit of such a
restructuring. The Company has been, and continues to be, in
discussions with the lenders regarding the proposed terms of such a
restructuring.
A copy of the amendment to the limited waiver will be included
as an exhibit to a Form 8-K to be filed promptly by the
Company.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the U.S. Securities Act of
1933, Section 21E of the U.S. Securities Exchange Act of 1934 and
Canadian Provincial Securities Laws, which statements can be
identified by the use of forward-looking terminology, such as
"may," "will," "expect," "intend," "anticipate," "estimate,"
"predict," "plans" or "continue" or the negative thereof or other
variations thereon or comparable terminology referring to future
events or results. We caution that all forward-looking information
is inherently uncertain and that actual results may differ
materially from the assumptions, estimates or expectations
reflected in the forward-looking information. A number of factors
could cause actual results to differ materially from those in
forward-looking statements, including but not limited to economic
conditions, the level of competitive intensity for laser vision
correction, the market acceptance of laser vision correction,
concerns about potential side effects and long term effects of
laser vision correction, the ability to maintain agreements with
doctors on satisfactory terms, quarterly fluctuation of operating
results that make financial forecasting difficult, the volatility
of the market price of our common shares, profitability of
investments, successful execution of our direct-to-consumer
marketing programs, the ability to open new centers, the reliance
on key personnel, medical malpractice claims and the ability to
maintain adequate insurance therefore, claims for federal, state
and local taxes, compliance with industry regulation, compliance
with U.S. and Canadian healthcare regulations, disputes regarding
intellectual property, many of which are beyond our control.
Therefore, should one or more of these risks materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary significantly from what we
currently foresee. Accordingly, we warn investors to exercise
caution when considering any such forward-looking information
herein and to not place undue reliance on such statements and
assumptions. We are under no obligation (and we expressly disclaim
any such obligation) to update or alter any forward-looking
statements or assumptions whether as a result of new information,
future events or otherwise, except as required by law.
See the Company's reports filed with the Canadian Securities
Regulators and the U.S. Securities and Exchange Commission from
time to time for cautionary statements identifying important
factors with respect to such forward-looking statements, including
certain risks and uncertainties, that could cause actual results to
differ materially from results referred to in forward-looking
statements. TLCVision assumes no obligation to update the
information contained in this press release.
About TLCVision
TLCVision is North America's premier eye care services company,
providing eye doctors with the tools and technologies needed to
deliver high-quality patient care. Through its centers' management,
technology access service models, extensive optometric
relationships, direct to consumer advertising and managed care
contracting strength, TLCVision maintains leading positions in
Refractive, Cataract and Eye Care markets. Information about vision
correction surgery can be found on the TLC Laser Eye Centers'
website www.tlcvision.com.
Contact: James J. Hyland VP Investor Relations (636) 534-2369
Email: investor.relations@tlcvision.com
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