TORONTO, Oct. 13,
2022 /CNW/ - Medical Facilities Corporation (TSX: DR)
("Medical Facilities" or the "Company") announced today that, in
connection with the Company's ongoing substantial issuer bid (the
"Offer"), the Ontario Securities Commission (the "OSC") has granted
an order (the "Relief Order") permitting Medical Facilities to
extend the Offer, if it determines to do so, without first taking
up any common shares (the "Common Shares") previously deposited.
For technical reasons the Offer could not be extended without the
Relief Order.
At this time, Medical Facilities has not yet determined if it
will extend the Offer, and the expiration of the Offer remains
5:00 PM (Eastern time) on
October 24, 2022. In the event the
Offer is extended, the Company will provide a further news release
disclosing the details of such extension.
Medical Facilities will fund purchases of Common Shares pursuant
to the Offer from cash on hand and/or from a drawdown on the
revolving credit facility available under the amended and restated
credit agreement dated as of August 31,
2022, between, among others, the Company and National Bank
Financial Markets, as lead arranger and bookrunner. A copy of the
agreement, which includes the terms of that facility, and detailed
descriptions of those terms, are included in Medical Facilities'
public disclosure materials, all of which are available on SEDAR at
www.sedar.com.
Details of the Offer, including instructions for tendering
Common Shares, are included in the Circular, letter of transmittal
and the notice of guaranteed delivery (collectively, the "Offer
Documents"). The Offer Documents are available on SEDAR at
www.sedar.com, as well as on the Company's website at
www.medicalfacilitiescorp.ca. Shareholders should carefully read
the Offer Documents prior to making a decision with respect to the
Offer.
This press release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell Medical Facilities' Common Shares. The solicitation and the
offer to buy the Common Shares will only be made pursuant to the
Offer Documents.
About Medical Facilities
Corporation
Medical Facilities, in partnership with physicians, owns a
diverse portfolio of highly rated, high-quality surgical facilities
in the United States. MFC's
ownership includes controlling interest in four specialty surgical
hospitals located in Arkansas,
Oklahoma, and South Dakota, and an ambulatory surgery center
("ASC") located in California. In
addition, through a partnership with NueHealth LLC, Medical
Facilities owns a controlling interest in five ambulatory surgery
centers located in Michigan,
Missouri, Nebraska, Ohio, and Pennsylvania. MFC also owns non-controlling
interests in a specialty surgical hospital in Indiana and an ASC in Missouri. The specialty surgical hospitals
perform scheduled surgical, imaging, diagnostic and other
procedures, including primary and urgent care, and derive their
revenue from the fees charged for the use of their facilities. The
ASCs specialize in outpatient surgical procedures, with patient
stays of less than 24 hours. For more information, please visit
www.medicalfacilitiescorp.ca.
Caution concerning forward-looking statements
Statements made in this news release, other than those
concerning historical financial information, may be forward-looking
and therefore subject to various risks and uncertainties. Some
forward-looking statements may be identified by words like "may",
"will", "anticipate", "estimate", "expect", "intend", or "continue"
or the negative thereof or similar variations and include
statements about the Company's normal course issuer bid. Certain
material factors or assumptions are applied in making
forward-looking statements and actual results may differ materially
from those expressed or implied in such statements. Factors that
could cause results to vary include those identified in Medical
Facilities' filings with Canadian securities regulatory authorities
such as legislative or regulatory developments, intensifying
competition, technological change and general economic conditions.
All forward-looking statements presented herein should be
considered in conjunction with such filings. Medical Facilities
does not undertake to update any forward-looking statements; such
statements speak only as of the date made.
SOURCE Medical Facilities Corporation