Learning Care Group, Inc. Announces Optional Redemption of 15% Subordinated Notes
03 August 2005 - 7:02AM
Business Wire
Learning Care Group, Inc. (NASDAQ:LCGI) today announced that it had
elected to initiate an optional redemption of all of the Company's
15% Subordinated Notes due 2008. The aggregate principal amount of
the Notes outstanding is $3.5 million. Redemption of the Notes will
occur on Sept. 1, 2005. Funds for this repayment will be provided
under the Company's Credit Agreement with JPMorgan Chase Bank,
N.A., which has been increased by $5 million to $22.5 million. "We
are pleased that we are able to repay our debt nearly three years
ahead of schedule," said Bill Davis, President and Chief Executive
Officer. "In doing so, given our current borrowing rate under our
Credit Agreement, Learning Care Group will see annual pretax
savings of approximately $300,000." On June 29, 2005, Learning Care
Group reported net income of $3.1 million for the fiscal year ended
April 1, 2005, the first profitable year since fiscal 2000. The
Company's financial success was largely driven by strong comparable
center (centers opened for over 18 months) revenue growth and
margin improvements. About Learning Care Group, Inc. Learning Care
Group, Inc. is the parent company of Tutor Time Child Care/Learning
Centers and Childtime Learning Centers. As one of the nation's
premier child care providers, the Company has grown into a network
of 459 centers, including operations in 25 states and
internationally. For more information on the Learning Care Group
please call 248-697-9000 or visit www.learningcaregroup.com.
Statements included herein that are not historical facts are
forward-looking statements pursuant to the safe harbor provisions
of the Private/Securities Litigation Reform Act of 1995.
Forward-looking statements, including beliefs of future
profitability, involve a number of risks and uncertainties,
including, but not limited to, continuation of federal and state
assistance programs, demand for child care as well as general
economic conditions, pricing and competition. Accordingly, actual
results could differ materially from those projected in such
forward-looking statements.
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