Aug 24 2009
American Dental Partners, Inc. (NASDAQ: ADPI) announced today that it completed its previously announced public offering of 2,260,000 shares of common stock at a price of $12.00 per share to the public (excluding the underwriter's over-allotment option to purchase an additional 339,000 shares) with net proceeds of approximately $25,300,000 after deducting underwriting discounts and commissions and estimated expenses of the offering.
The Company also announced that it closed a refinancing of its senior credit agreements. The Company entered into a new $130,000,000 senior secured credit facility, which includes a $50,000,000 revolving credit facility and an $80,000,000 term loan facility.
Borrowings under the new credit facility and the proceeds from the public offering of common stock were used to refinance the Company's existing senior secured revolving credit facility and term loan and the balance of the new facility will be available for working capital and other general corporate purposes.
Source:
American Dental Partners, Inc.