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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cbaysystems | LSE:CBAY | London | Ordinary Share | VGG1986L1022 | ORD USD0.10 (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 139.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
million in senior secured credit facilities, consisting of a $50.0 million term loan, and a revolving credit facility of up to $50.0 million. The credit facilities are secured by a first priority lien on substantially all of the property of the Loan Parties. The term loan is repayable in equal quarterly installments of $5.0 million beginning October 1, 2010, with the balance payable 2.5 years from the date of closing. The Term Loan maturity date is the earlier of October 22, 2012 or the date on which the Company's 6% Convertible note is repaid or otherwise becomes due and payable. Borrowings under the revolving credit facility may be made from time to time, subject to availability under such facility, until the fourth anniversary of the closing date. Amounts borrowed under the GE Credit Agreement bear interest at a rate selected by MedQuist Transcriptions equal to the Base Rate or the Eurodollar Rate (each as defined in the GE Credit Agreement) plus a margin, all as more fully set forth in the GE Credit Agreement. At June 30, 2010, the revolving credit facility and the term loan had interest rates of 6.25% and 6.75%, respectively. The GE Credit Agreement contains customary covenants, including covenants relating to reporting and notification, payment of indebtedness, taxes and other obligations, and compliance with applicable laws. There are also financial covenants, which include a Minimum Consolidated Fixed Charge Coverage Ratio, and a Maximum Consolidated Senior Leverage Ratio and a Maximum Consolidated Total Leverage Ratio and a Minimum Liquidity, each as defined In the GE Credit Agreement. The GE Credit Agreement also imposes certain customary limitations and requirements with respect to the incurrence of indebtedness and liens, investments, mergers, acquisitions and dispositions of assets. Amounts due under the GE Credit Agreement may be accelerated upon an Event of Default (as defined in the GE Credit Agreement), including failure to comply with obligations under the credit agreement, bankruptcy or insolvency, and termination of certain material agreements. The Company will continue to evaluate the classification of the term loan at each reporting date. The Company incurred $6.1million in costs with the GE Credit Agreement which are included in Other current assets and Other assets. These costs associated with debt incurred in connection with the Acquisition will be amortized as additional interest expense over the life of the underlying debt instruments. Borrowings under the revolving credit facility are limited to the lesser of 85% of Eligible Receivables or the aggregate Revolving Credit Commitments, as defined in the credit facility. As of June 30, 2010, the Company had available borrowings under the facility of $8.9 million. The GE Credit Agreement also contains subjective acceleration clauses and a springing lock box arrangement under which MedQuist retains control and dominion over cash receipts unless there is an Event of Default or Excess Availability is less than 20% of the aggregate Revolving Credit Commitments, as defined in the GE Credit Agreement. Pursuant to these provisions, MedQuist elected to make a payment of $5 million in July 2010 to maintain cash dominion and prevent enactment of the springing lock box provisions. The Company believes this payment will be sufficient to avoid enactment of the springing lock box in future periods. The Company also believes the probability of default under the agreement within the next 12 months to be remote. The GE Credit Agreement also contains excess cash flow repayments provisions that require 25% of Excess Cash Flows, as defined in the agreement, to be remitted to the lenders within 95 days after year-end. The Company currently estimates that the amount of repayments that would be due during April 2011 at approximately $10 million. Such amount is currently classified as current. Actual payments, if any, may differ from this estimate. Total Current maturities under the GE Credit Agreement consists of (a) the $5 million paid during July 2010 related to prevention of enactment of the springing lockbox, (b) $10 million estimated for excess cash flow sweeps in April 2011, and (c) $15 million of contractual maturities of the term loan obligations. As of June 30, 2010, the Company believes that it is in compliance with the covenants of the GE Credit Agreement. However, there can be no assurance of future compliance. When the Company entered into the GE Credit Agreement, the five-year $25.0 million revolving credit agreement with Wells Fargo Foothill, LLC (the "Wells Credit Agreement") that it entered into on August 31, 2009 was terminated. No borrowings were ever made under the Wells Credit Agreement. In the three month period ended June 30, 2010 the Company wrote off deferred financing fees of $1.1 million and incurred termination fees of $0.6 million in connection with the termination of this facility. Such costs are included in Interest Expense on the Statement of Operations. In connection with the Acquisition, the Company entered into a subordinated promissory note with Spheris, Inc. (the "Subordinated Promissory Note"). The loan matures in five years from the date of the Acquisition. The face amount of the Subordinated Promissory Note totals $17.5 million with provisions for prepayment at discounted amounts, ranging from 77.5% of the principal if paid within six months, 87.5% from six to nine months, 97.5% from nine to twelve months, 102.0% by year two, 101.0% by year three and 100.0% thereafter. For purposes of the purchase price allocation, the note is discounted at 77.5% of the principal ($13.6 million). This note was a non-cash transaction. The fair value of the note was determined through the use of a Monte Carlo model which is Level 3 in the Fair Value hierarchy based upon significant unobservable inputs. The Subordinated Promissory Note bears interest at 8.0% for the first six months, 9.0% from six to nine months, and 12.5% thereafter of which 2.5% may be paid by increasing the principal amount. Payments of interest are made semi-annually on each six month anniversary of the Acquisition. For financial statement purposes the interest has been calculated using the average interest rates over the term of the Subordinated Promissory Note. 11. Segment Reporting The Company operates in one reportable operating segment which is technology enabled BPO (Business Process Outsourcing) for the healthcare industry based on the fact that the Company engages primarily in outsourcing services for the health care business solutions. Concentration of Risk, Geographic Data and Enterprise-wide Disclosures No single customer accounted for more than 10% of the Company's net revenues in any period. There is no single geographic area of significant concentration other than the United States. +--------------------------------------+-+--+--+---------+-+----------+ | The following summarizes the Company's net revenues and | | property and equipment, net by geography: | +---------------------------------------------------------------------+ | | | | | Six months | | | | | | ended June | | | | | | 30, | +--------------------------------------+-+--+--+----------------------+ | Revenue | | | | 2010 | | 2009 | +--------------------------------------+-+--+--+---------+-+----------+ | | | | | | | | +--------------------------------------+-+--+--+---------+-+----------+ | United States of America | | |$ | 197,521 |$ | 183,343 | +--------------------------------------+-+--+--+---------+-+----------+ | Others | | | | 3,071 | | 5,196 | +--------------------------------------+-+--+--+---------+-+----------+ | | | |$ | 200,592 |$ | 188,539 | +--------------------------------------+-+--+--+---------+-+----------+ | | | | | | | | +--------------------------------------+-+--+--+---------+-+----------+ | | | | | | | | +--------------------------------------+-+--+--+---------+-+----------+ | | | | | June | | December | | | | | | 30, | | 31, | +--------------------------------------+-+--+--+---------+-+----------+ | Property and equipment, net | | | | 2010 | | 2009 | +--------------------------------------+-+--+--+---------+-+----------+ | | | | | | | | +--------------------------------------+-+--+--+---------+-+----------+ | United States of America | | |$ | 18,826 |$ | 13,765 | +--------------------------------------+-+--+--+---------+-+----------+ | Others | | | | 7,391 | | 5,746 | +--------------------------------------+-+--+--+---------+-+----------+ | Total | | |$ | 26,217 |$ | 19,511 | +--------------------------------------+-+--+--+---------+-+----------+ 12. Related Party Transaction On May 4, 2010, the audit committee of MedQuist's board of directors approved the payment of and the Company expensed a $1,500 success-based fee to S A C Private Capital Group, LLC in connection with the work performed on the Acquisition. SAC is the majority shareholder of the Company. 13. Subsequent Events The Company evaluated subsequent events through August 18, 2010 and noted no other subsequent events that are required to be recognized or disclosed in the consolidated financial statements. This information is provided by RNS
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