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FRANKLIN, Tenn. – Passport Health
Communications, Inc., a leading provider of health care IT solutions, has
restructured $11 million of outstanding corporate debt, executives announced
today. The deal, executed by Passport’s senior lending partner, Fifth Third
Bank, allowed for the company’s subordinated debt to be replaced with senior
debt and enhances Passport’s ability to execute its acquisition strategy.
“Obviously credit markets have been
tightening. Our ability to close this transaction is reflective of our
historical performance, current fiscal health and recurring revenue business
model,” said Phil Clark, chief accounting officer for Passport. “It also
represents a strong partnership with Fifth Third Bank, which continues to
support our long-term strategic plans.”
Those plans, according to Scotte Hudsmith, executive vice president of finance
and development for Passport, include aggressive organic growth and selective
acquisitions.
“A more efficient capital
structure gives us some added flexibility to pursue opportunities congruent with
our growth strategy,” said Hudsmith. “Passport’s significant and sustained
growth for the last decade is a testament to the employees at the company and we
have exciting plans for the future.”
Earlier this year Passport was named for the third consecutive year among the
Top 100 Companies by Revenue in Healthcare Informatics. Passport’s ranking
reflected a nearly 25 percent growth in revenue from 2005 to 2006. The company
has also experienced considerable personnel growth, expanding by 33 employees so
far this year to 180 total employees.
“Our relationship with Passport is one of mutual benefit,” said Kevin Lavender,
senior vice president and head of Fifth Third Bank’s national healthcare team.
“Passport is a prime example of the kind of growing company lenders want to
back, even in a down market, because of its past performance and future outlook.
We are proud to be its senior lending partner and to have orchestrated this most
recent financing.”
About Passport Health Communications, Inc.
Passport Health Communications, Inc. is a national health care technology
provider with corporate offices in Franklin, Tenn., and King of Prussia, Pa.
Passport connects its customers – more than 1,600 hospitals, 2,200 physician
clinics and outpatient centers – with access to payer and patient information to
improve the efficiency and accuracy of the revenue cycle process. Passport is
committed to providing quality data through innovative solutions and unsurpassed
customer support. For more information, please visit
www.passporthealth.com.
About Fifth Third Bank
Fifth Third Bancorp (Nasdaq: FITB) is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $101 billion in assets,
operates 18 affiliates with 1,181 full-service Banking Centers, including 104
Bank Mart(R) locations open seven days a week inside select grocery stores and
2,153 Jeanie(R) ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five
main businesses: Commercial Banking, Branch Banking, Consumer Lending,
Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among
the largest money managers in the Midwest and, as of June 30, 2007, has $232
billion in assets under care, of which it managed $34 billion for individuals,
corporations and not-for-profit organizations. Investor information and press
releases can be viewed at
www.53.com. Fifth Third’s common stock is traded through the NASDAQ®
National Global Select Market System under the symbol “FITB.” Member FDIC.
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