April 28, 1998
AMERIPATH, INC. ANNOUNCES EXPANDED LINE OF CREDIT TO FUND ACQUISITIONS
Riviera Beach, FL, April 28, 1998---AmeriPath, Inc.
(Nasdaq: PATH), a physician practice management company
focused on anatomic pathology services announced today
that it has obtained a $200 million revolving credit
facility from a syndicate of financial institutions lead
by co-agents BankBoston and NationsBank. This facility
provides the Company with increased availability of funding
and on more favorable terms, to increase its presence
and visibility within the pathology marketplace.
"AmeriPath is extremely pleased to have the continued
support of a syndicate of eleven of the country's leading
financial institutions and particularly the leadership
of such stalwarts as the syndicate's co-agents BankBoston
and NationsBank," said Jim New, AmeriPath's President
and Chief Executive Officer.
As stated by Greg O'Brien, Managing Director of BankBoston, "We
are pleased to be a strategic banking partner with AmeriPath
as they continue to grow, and look forward to working
with them and the assembled group of Banks as the Company
pursues its strategy. The size of the new credit facility
and the quality of the bank group reflects confidence
in senior management to successfully execute their strategy."
The Company will use one facility to refinance the $81
million outstanding under its credit facility and the
balance to continue its acquisition program. AmeriPath
expects to increase its presence in existing markets
as well as enter into new markets in the Midwest, Southeast,
South Central and Northeast regions of the U.S. through
the acquisition and affiliation with leading pathology
practices. AmeriPath's strategy to partner with prominent
pathology practices nationwide facilitates the expansion
and development of the Company's regional business model.
AmeriPath, Inc. believes it is the nation's leading
physician practice management company focused on providing
anatomical pathology services to physicians, hospitals,
national clinical laboratories and managed care organizations.
The Company presently operates 18 physician practices
in eight states, employs more than 145 pathologists and
provides medical services through outpatient pathology
laboratories, hospital inpatient laboratories and outpatient
surgery centers.
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This release contains certain forward-looking statements
regarding AmeriPath, including its operations and prospects.
Past performance is not necessarily indicative of future
results. In addition, AmeriPath's actual results could
differ materially from the results anticipated in these
forward-looking statements as a result of uncertainties,
including risks relating to demand, pricing, government
regulation, payments and reimbursements, dependence upon
contacts and pathologists, the market for pathology services,
competition, and other factors identified in AmeriPath's
filings with the Securities and Exchange Commission.
