A Medical Device Daily
Prospect Medical Holdings (Los Angeles), which owns and operates five hospitals and manages the medical care of HMO enrollees in Southern California, said that it intends, subject to market and other conditions, to offer senior secured notes due 2014, the net proceeds of which, together with cash on hand, will be used to repay the amount outstanding under its existing senior secured credit facility and to terminate its interest rate swap agreements.
In other financings, MedClean Technologies, (Bethel, Connecticut) reported the results of its private offer to exchange all of the company's existing common stock purchase warrants with initial exercise dates between July 11, 2008 and August 29, 2008 for newly issued common stock purchase warrants with a new lower exercise price of $0.0075 per share, exercisable for one-half the original number of shares of our common stock, par value $0.0001 per share, and without a "cashless exercise" right.
The offer to exchange expired at 5 p.m., EST, on June 30, 2009. As of the expiration time the company received existing warrants for exchange representing 334,838,221 shares of common stock, a 92% success rate for the offer to exchange.
MedClean is a provider of technology and services for the onsite treatment and disposal of regulated medical waste.