American HomePatient Announces Self-Tender
Offer at $0.67 Per Share
July 07, 2010 12:05 PM Eastern Daylight Time
BRENTWOOD, Tenn.--(EON: Enhanced Online News)--American HomePatient, Inc. (OTCBB: AHOM)
(“American HomePatient” or the “Company”), one of the nation’s largest home health care providers, announced
today it will launch a self-tender offer to acquire all outstanding shares of its common stock, par value $0.01 per
share (the “Shares”), net to the seller in cash, without interest and less applicable withholding taxes (the “Offer”).
Highland Capital Management, L.P. and its affiliates (together referred to as “Highland”), which constitute the largest
holder of the Company’s matured senior secured debt of approximately $216.2 million (“Senior Debt”) and its
largest shareholder, has agreed to not tender Shares in the Offer. The purpose of the self-tender offer is to redeem
as many Shares as possible from shareholders other than Highland in order to concentrate Highland’s percentage
ownership in the Company as a first step in the Company becoming 100% owned by Highland pursuant to a
restructuring plan previously announced by the Company.
The Offer is scheduled to begin on July 7, 2010 and is scheduled to expire at 5:00 PM, New York City time, on
August 4, 2010, unless extended.
The Offer is conditioned upon, among other things: (i) that there shall have been validly tendered and not withdrawn
prior to the expiration of the Offer a number of Shares that, when added to the number of Shares already owned by
Highland, represents at least 90% of the Shares outstanding immediately prior to the expiration of the Offer; (ii) that
the total amount payable by the Company to holders of Shares, upon acceptance for payment of Shares, shall not
exceed $6,527,000 (plus any exercise price received by the Company for the exercise of options between April 27,
2010 and the expiration date of the Offer); and (iii) that simultaneously with the closing of the Offer, our Senior Debt
shall be restructure