TORONTO, Dec. 21,
2023 /CNW/ - CareRx Corporation
("CareRx" or the "Company") (TSX:
CRRX) today announced the successful closing of the
comprehensive refinancing transaction (the "Refinancing")
with a syndicate of lenders led by a Canadian Schedule I chartered
bank (the "Lenders") and arranged and managed by Crown
Private Credit Partners Inc. ("Crown Private Credit") as
announced in its December 11, 2023
press release.
In addition to repaying the outstanding term loan and
subordinated debt as previously outlined, concurrent with the
closing, the Company also redeemed the entire aggregate principal
of its March 2019 Convertible
Debentures that otherwise were set to mature on March 12, 2024 at par plus accrued interest.
About CareRx Corporation
CareRx is Canada's leading
provider of pharmacy services to seniors living communities. We
serve approximately 94,000 residents in over 1,500 seniors and
other congregate care communities (long-term care homes, retirement
homes, assisted living facilities, and group homes). We are a
national organization with a large network of pharmacy fulfillment
centres strategically located across the country. This allows us to
deliver medications in a timely and cost-effective manner and
quickly respond to routine changes in medication management. We use
best-in-class technology that automates the preparation and
verification of multi-dose compliance packaging of medication,
providing the highest levels of safety and adherence for
individuals with complex medication regimes. We take an active role
in working with our home operator partners to promote resident
health, staff education, and medication system quality and
efficiency.
Forward-Looking
Statements
This press release contains statements that may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities legislation, including statements relating to
the Refinancing. These forward-looking statements include, among
others, statements regarding the Company's business strategy, plans
and other expectations, beliefs, goals, objectives, information and
statements about possible future events. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "may", "will", "expect", "intend", "estimate",
"anticipate" or similar expressions suggesting future outcomes or
events. Such forward-looking statements reflect management's
current beliefs and are based on information currently available to
management.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such
differences include the Company's general business risks, exposure
to and reliance on government regulation and funding, the Company's
liquidity and capital requirements, exposure to epidemic or
pandemic outbreak, reliance on contracts with key customers and
other risk factors described from time to time in the reports and
disclosure documents filed by the Company with Canadian securities
regulatory agencies and commissions. These and other factors should
be considered carefully and readers should not place undue reliance
on the Company's forward-looking statements. As a result of the
foregoing and other factors, no assurance can be given as to any
such future results, levels of activity or achievements and neither
the Company nor any other person assumes responsibility for the
accuracy and completeness of these forward-looking statements. The
factors underlying current expectations are dynamic and subject to
change.
SOURCE CareRX Corporation