November 10, 2005
AMERIPATH, INC. ANNOUNCES PLANS TO REFINANCE ITS EXISTING
CREDIT FACILITIES
FOR IMMEDIATE RELEASE:
Contact: David L. Redmond, Executive Vice President and
Chief Financial Officer
Phone Number: 561.712.6226
E-mail address: dredmond@ameripath.com
PALM BEACH GARDENS, FLORIDA – November 10, 2005 – AmeriPath,
Inc., (“AmeriPath” or the “Company”),
a leading provider of cancer diagnostics, genomics and
related services, today announced it is proceeding with
its plan to refinance its senior secured credit facilities
in connection with the merger agreement with Specialty
Laboratories, Inc. NYSE:SP (“Specialty”),
a leading hospital-focused clinical reference laboratory,
which was announced by AmeriPath on September 30, 2005.
The Company previously received a commitment letter pursuant
to which Wachovia Bank, National Association, Citigroup
Global Markets Inc., Deutsche Bank Trust Company Americas
and UBS Loan Finance LLC have committed, subject to the
terms and conditions set forth in the commitment letter,
up to $298.5 million in senior secured credit facilities,
consisting of a $203.5 million term loan and a $95.0
million revolving credit facility. It is contemplated
that up to $203.5 million of the term loan and up to
$52.0 million of the revolving credit facility may be
used to fund a portion of the merger consideration, to
pay certain transaction costs, to refinance existing
indebtedness of AmeriPath, to pay related expenses and
to provide financing for ongoing working capital and
other general corporate purposes.
About AmeriPath, Inc.
AmeriPath is a leading national provider of physician-based
anatomic pathology, dermatopathology and molecular diagnostic
services to physicians, hospitals, national clinical
laboratories and surgery centers. A team of subspecialized
pathologists and Ph.D. scientists provide medical expertise,
diagnostic quality, and personal consultation services.
AmeriPath’s elite team of more than 400 highly
trained, board-certified pathologists provide medical
diagnostics services in outpatient laboratories owned,
operated and managed by AmeriPath, as well as in hospitals
and ambulatory surgical centers.
The statements contained in
this press release may contain “forward-looking
statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements—which
are sometimes identified by words such as “may,” “should,” ”believe,” “expect,” “anticipate,” “estimate” and
similar expressions and which include any financial or
operating estimates, forecasts or projections—are
subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond
the Company’s control. These risks and uncertainties
could cause actual results to differ materially from
results anticipated by forward-looking statements. These
risks and uncertainties include: the successful completion
and integration of the merger (and achievement of planned
or expected synergies); ability to manage growth, access
to capital on satisfactory terms, general economic conditions;
federal and state healthcare regulation (and compliance);
reimbursement rates under government and third party
healthcare programs and the payments received under such
programs; changes in coding: changes in technology; dependence
upon pathologists and customer contracts; the ability
to attract, motivate and retain pathologists; labor,
technology and insurance costs; and marketing and promotional
efforts. The forward-looking statements in this press
release are made as of the date hereof based on management’s
current beliefs and expectations, and the Company undertakes
no obligation to update or revise any such statements.
Further information regarding risks, uncertainties and
other factors that could affect the Company’s financial
or operating results or that could cause actual results
to differ materially from those expected, estimated or
anticipated, are included in the Company’s annual,
quarterly, and other reports and filings with the SEC.
