ST. LOUIS, MO--(Marketwire - October 22, 2009) - TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's premier eye care services company, today announced
that it has secured from its lenders holding a majority amount of its
secured credit facility, an extension to November 15, 2009 of the
previously announced limited waiver with respect to its credit facility
that expired on October 13, 2009, and of the forbearance with respect to
certain payment obligations under the facility.
The credit agreement, dated June 21, 2007, as amended, provides for a US$85
million term loan and a US$25 million revolving credit line. As of
September 30, 2009, the principal amount outstanding under the credit
facility was approximately US $100.1 million.
The amendment to the limited waiver, dated as of October 13, 2009, provides
an extension of the limited waiver through November 15, 2009 of specified
defaults and provides that the lenders will, until November 15, 2009,
forbear from exercising their rights arising out of the non-payment of
certain principal, interest and other payments previously due. The limited
waiver provides that the waiver period will terminate prior to November 15,
2009, if, among other things, (i) a restructuring monitor satisfactory to
the steering committee for the lenders and the Company ceases to be
retained by the Company to assist with the implementation of the
restructuring of certain obligations and other liabilities of the Company
and certain of its subsidiaries and certain related transactions, or (ii)
the steering committee for the lenders reasonably determines that the
Company is not making satisfactory progress with respect to the
implementation and pursuit of such a restructuring. The Company has been,
and continues to be, in discussions with the lenders regarding the proposed
terms of such a restructuring.
A copy of the amendment to the limited waiver will be included as an
exhibit to a Form 8-K to be filed promptly by the Company.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the U.S. Securities Act of 1933, Section 21E of
the U.S. Securities Exchange Act of 1934 and Canadian Provincial Securities
Laws, which statements can be identified by the use of forward-looking
terminology, such as "may," "will," "expect," "intend," "anticipate,"
"estimate," "predict," "plans" or "continue" or the negative thereof or
other variations thereon or comparable terminology referring to future
events or results. We caution that all forward-looking information is
inherently uncertain and that actual results may differ materially from the
assumptions, estimates or expectations reflected in the forward-looking
information. A number of factors could cause actual results to differ
materially from those in forward-looking statements, including but not
limited to economic conditions, the level of competitive intensity for
laser vision correction, the market acceptance of laser vision correction,
concerns about potential side effects and long term effects of laser vision
correction, the ability to maintain agreements with doctors on satisfactory
terms, quarterly fluctuation of operating results that make financial
forecasting difficult, the volatility of the market price of our common
shares, profitability of investments, successful execution of our
direct-to-consumer marketing programs, the ability to open new centers, the
reliance on key personnel, medical malpractice claims and the ability to
maintain adequate insurance therefore, claims for federal, state and local
taxes, compliance with industry regulation, compliance with U.S. and
Canadian healthcare regulations, disputes regarding intellectual property,
many of which are beyond our control.
Therefore, should one or more of these risks materialize, or should
assumptions underlying the forward-looking statements prove incorrect,
actual results may vary significantly from what we currently foresee.
Accordingly, we warn investors to exercise caution when considering any
such forward-looking information herein and to not place undue reliance on
such statements and assumptions. We are under no obligation (and we
expressly disclaim any such obligation) to update or alter any
forward-looking statements or assumptions whether as a result of new
information, future events or otherwise, except as required by law.
See the Company's reports filed with the Canadian Securities Regulators and
the U.S. Securities and Exchange Commission from time to time for
cautionary statements identifying important factors with respect to such
forward-looking statements, including certain risks and uncertainties, that
could cause actual results to differ materially from results referred to in
forward-looking statements. TLCVision assumes no obligation to update the
information contained in this press release.
TLCVision is North America's premier eye care services company, providing
eye doctors with the tools and technologies needed to deliver high-quality
patient care. Through its centers' management, technology access service
models, extensive optometric relationships, direct to consumer advertising
and managed care contracting strength, TLCVision maintains leading
positions in Refractive, Cataract and Eye Care markets. Information about
vision correction surgery can be found on the TLC Laser Eye Centers'