Sydney, Dec 23, 2009 (ABN Newswire) - iSOFT Group Limited (ASX:ISF) Australia's largest listed health information technology company today announced it has agreed to restructure its senior secured debt facility to give the company greater flexibility to manage its global operations through additional working capital and funding capacity. The restructuring is expected to be completed before 31 December 2009.
The new facility, for the next three-and-a-half years, consists of a term loan of GBP60 million and a revolving credit facility of GBP60 million. It will replace iSOFT's existing debt facility of GBP107.5 million.
The new term loan will amortise at GBP3.75 million per quarter, with a balloon payment of GBP11.25 million at the end of the term. The revolving facility is available at the level of GBP60 million for the full term. The total facility is subject to improved covenants linked to leverage, interest cover, and debt service cover ratios.
Interest payments are set at Libor plus 3.75%, which can reduce to 3.25% depending on the company's level of leveraging. The new facility has reduced levels of debt servicing compared with the original loan and provides additional working capital and funding headroom through an increase in the revolver to GBP60 million from GBP47.5 million, as well as the removal of GBP25 million of cancellations that existed in the original revolver.
The new facility was arranged in a club deal coordinated by Barclays. Lenders include: Barclays, Clydesdale/Yorkshire banks (wholly owned by National Australia Bank), Westpac, Bank of Ireland, KfW Group, and Banco Santander.
"The restructured facility provides iSOFT with funding certainty through to June 2013," said Gary Cohen, Executive Chairman & CEO. "It also moves our balance sheet away from its previous acquisition footing to one which gives us greater flexibility in managing our working capital as a large and growing global business. We've also extended the range of participating banks to reflect the international scope of our operations."
About iSOFT Group Limited
iSOFT Group Limited (ASX:ISF) is the largest health information technology company listed on the Australian Securities Exchange, and trades globally under the name 'iSOFT".
iSOFT builds software applications for healthcare. We work with healthcare professionals to design and build solutions that answer all of the difficult questions posed by today's care delivery challenges. Our solutions act as a catalyst for change, supporting the free exchange of critical information across diverse care settings and participant organisations. We are the leader in the provision of advanced application solutions in modern healthcare economies around the world Today, over 13,000 provider organisations in 38 countries across five continents use iSOFT's solutions to manage patient information and drive improvements in their core processes. The group's sustainable development is delivered through careful planning, in-depth analysis of our market and anticipation of evolving requirements. Our business is driven by the collective talent, experience and commitment of more than 4,600 specialists around the globe, including over 2,300 technology and development professionals.
A global network of iSOFT subsidiaries, supported by an extensive partner network, provides substantial experience of national healthcare markets. As a result we offer our customers comprehensive knowledge of local market requirements, in terms of culture, language, working practice, healthcare regulation and organisational structure.
For more information on iSOFT, please visit the company's website at www.isofthealth.com
 |
Related Companies |
| |
Related Industry Topics: |
| |
This Page Viewed: (Last 7 Days: 9) (Last 30 Days: 85) (Since Published: 856) |
|
|
2009: iSOFT Group Limited |
|
|
|
Presentations |
|
|
|
){kind=link}