HLTH Corporation (HLTH) Announces Agreement to Sell Porex Unit to Aurora Capital Group for $142 Million
HLTH Corporation (Nasdaq: HLTH) announced that it has entered into a definitive agreement to sell its Porex segment to affiliates of Aurora Capital Group, a Los Angeles based private equity firm, for $142 million. The closing is expected in the fourth quarter and is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Act.
The purchase price of $142 million consists of $74.5 million in cash payable at closing and $67.5 million in senior secured debt. The $67.5 million in senior secured debt accrues interest at a rate of 8.75% per annum paid quarterly. The principal is to be paid down by $10 million per year on the anniversary of the closing for each of the first three years and by a final payment of $37.5 million on the fourth anniversary of the closing. The debt will be secured by the assets of Porex Corporation.
The purchase price of $142 million consists of $74.5 million in cash payable at closing and $67.5 million in senior secured debt. The $67.5 million in senior secured debt accrues interest at a rate of 8.75% per annum paid quarterly. The principal is to be paid down by $10 million per year on the anniversary of the closing for each of the first three years and by a final payment of $37.5 million on the fourth anniversary of the closing. The debt will be secured by the assets of Porex Corporation.
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