HealthStream Announces Amendment of its Line of Credit to Increase and Extend its Availability
NASHVILLE, Tenn.--(BUSINESS WIRE)--
HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning and
research solutions for the healthcare industry, announced today that it
has signed an amendment to its line of credit with SunTrust Bank,
increasing the availability under the line from $15.0 million to $20.0
million and extending its availability to July 2012.
In addition to the increased availability and extension to July 2012,
the updated line of credit eliminates the current minimum interest rate
floor of three percent. The interest rate is now equal to LIBOR plus a
margin determined in accordance with a pricing grid, which rate may or
may not be below the previous minimum of three percent. Other terms and
conditions as well as the financial tests and covenants that the Company
is required to meet under the line of credit remain unchanged from those
specified under the previous arrangement.
Commenting on the increased line of credit Robert A. Frist, Jr., chief
executive officer, HealthStream said, "The amendment increases available
capital for growth initiatives of the Company."
As of December 31, 2010, HealthStream had cash balances of approximately
$23.6 million and as of March 30, 2011, had no balances outstanding
under its $20 million line of credit.
HealthStream (NASDAQ: HSTM) is a leading provider of learning and
research solutions for the healthcare industry, transforming insight
into action to deliver outcomes-based results for healthcare
organizations. Through HealthStream's learning solutions—which have been
contracted by approximately 2.45 million hospital-based healthcare
professionals—healthcare organizations create safer environments for
patients, increase clinical competencies of their workforces, and
facilitate the rapid transfer of the latest knowledge and technologies.
Through our research products, executives from healthcare organizations
gain valuable insight about patients' experiences, workforce challenges,
physician relations, and community perceptions of their services. Based
in Nashville, Tennessee, HealthStream has an additional office in
Baltimore, Maryland. For more information about HealthStream's learning
and research solutions, visit www.healthstream.com
or call us at 800-933-9293.
This press release contains forward-looking statements that involve
risks and uncertainties regarding HealthStream. Investors are
cautioned that such results or events predicted in these statements may
differ materially from actual future events or results. This information
has been, or in the future may be, included in reliance on the "safe
harbor" provisions of the Private Securities Litigation Reform Act of
Mollie Condra, Ph.D.
Communications, Research, & Investor Relations
Source: HealthStream, Inc.
News Provided by Acquire Media
Close window | Back to top