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The Providence Service Corporation (Nasdaq: PRSC) is set to announce its financial results for the third quarter of 2020 on November 6, 2020, before the market opens. Following the announcement, a conference call will be held at 8:00 a.m. Eastern Time, with dial-in numbers provided for both domestic and international callers. Providence specializes in non-emergency medical transportation (NEMT) services for state governments and managed care organizations and also holds a minority stake in Matrix Medical Network.
The Providence Service Corporation (Nasdaq: PRSC) has priced a private placement of $500 million in senior notes due November 15, 2025, with an interest rate of 5.875%. The offering's completion is set for November 4, 2020, pending standard market conditions. Proceeds will fund the acquisition of Simplura Health Group, pay off Simplura's debt, and cover associated fees. The notes will initially be secured by an escrow account and later guaranteed by Providence's subsidiaries. They are offered only to qualified institutional buyers under Rule 144A.
The Providence Service Corporation (Nasdaq: PRSC) announced a private placement offering of $500 million in senior notes maturing in 2025. The funds will be utilized to finance the acquisition of Simplura Health Group, repay Simplura's debt, and cover transaction-related expenses. The notes will be senior unsecured obligations and will initially be secured by an escrow account until certain conditions are met. The offering is available only to qualified institutional buyers under Rule 144A.
LogistiCare, the largest non-emergency medical transportation company in the U.S., partners with Liberty Resources to deliver food to food-insecure residents in Philadelphia. This initiative, which began in New Jersey, has expanded to Pennsylvania and Florida, successfully delivering nearly 5,500 meals since April 2020. The program aims to address the heightened food insecurity exacerbated by the COVID-19 pandemic, specifically targeting the disabled community. LogistiCare delivers an average of 5 tons of food weekly, facilitated by its transportation partners and collaboration with local organizations.
LogistiCare, the largest non-emergency medical transportation provider, has partnered with Philabundance and The Liberti Church Network to deliver over 1,200 meals to food-insecure residents of Philadelphia amid the COVID-19 pandemic. The collaboration aims to address the urgent need for food access, especially for seniors relying on the Senior Box Program. This initiative reflects LogistiCare's adaptability and commitment to community support, transforming its service model to respond to local needs during the crisis.
LogistiCare, the largest non-emergency medical transportation company, has partnered with Miami-Dade County Public Schools (M-DCPS) to support food distribution to vulnerable families during the COVID-19 pandemic. This initiative has already delivered over 84,000 meals with logistics managed by local transportation provider Royal Transportation. The partnership illustrates LogistiCare's commitment to community support and its adaptability in repurposing resources for urgent needs. Superintendent Alberto Carvalho praised their contribution, which aligns with ongoing efforts to combat food insecurity in South Florida.
LogistiCare, the largest non-emergency medical transportation company, has partnered with Friends In Action Inc. to utilize excess capacity for delivering emergency food supplies in Atlantic City. Since March, they've provided over 7,500 meals to residents in need, particularly amid a 30% unemployment rate in the area. The partnership exemplifies teamwork and community support, with LogistiCare expanding its services to meet increased food demands triggered by the COVID-19 pandemic.
The Providence Service Corporation (PRSC) announced a strategic Conversion Agreement with Coliseum Capital Management for the conversion of 738,240 shares of Series A convertible preferred stock into approximately $80.7 million in cash and 925,600 shares of common stock. Following the conversion on June 11, 2020, Coliseum will own about 13% of common shares and will be subject to a 120-day lock-up. This change aims to simplify the capital structure and enhance cash flow, while removing covenants that restrict operations. The transaction is projected to be accretive to earnings.
The Providence Service Corporation (Nasdaq: PRSC) has declared a cash dividend of 5.5%, amounting to approximately $1.37123 per share on its Series A convertible preferred stock. This dividend will be paid on July 1, 2020, to shareholders of record as of June 15, 2020. Providence, through its subsidiary LogistiCare Solutions, manages non-emergency medical transportation programs, providing services like vendor payment management and network credentialing. The company also has a minority stake in Matrix Medical Network, enhancing its service offerings.
