CHICAGO, Feb. 10 /PRNewswire-FirstCall/ -- Allscripts-Misys Healthcare
Solutions, Inc. ("Allscripts") announced today that its Board of Directors has
approved a stock repurchase program under which Allscripts may purchase up to
$150 million of its common stock over the next two years.
Repurchases may be made pursuant to Rule 10b5-1 or 10b-18 of the
Securities Exchange Act of 1934, as amended. Additionally, Allscripts has
entered into a Stock Repurchase Agreement with Misys plc and certain of its
affiliates (collectively, "Misys") whereby Misys has agreed to participate in
the repurchase program by selling to Allscripts the number of shares of
Allscripts common stock needed to keep Misys' ownership percentage in
Allscripts unaffected by the open market repurchases. Repurchases of Misys'
stock will be made at the weighted average price at which repurchases are made
by Allscripts under the open market plan. All repurchases under the program
are subject to compliance with applicable laws and regulations.
The aggregate amount of shares purchased pursuant to the repurchase plan,
whether pursuant to any 10b5-1 plan, Rule 10b-18 or from Misys, will not
exceed the lesser of $150 million (including commissions) or 15 million
shares. There is no guarantee as to the exact number of shares or value
thereof that will be repurchased under the stock repurchase program, and
Allscripts may discontinue purchases at any time.
"Improving the quality and cost-effectiveness of healthcare through
technology is among the most important of our nation's priorities and,
consequently, we continue to see a vibrant market for the electronic health
record, electronic prescribing, information and connectivity solutions we
offer," said Glen Tullman, Chief Executive Officer of Allscripts. "Given our
large base of healthcare providers, the strength of our solutions and our
financial performance, we believe Allscripts is a very good value in this
market. We plan to use our strong balance sheet and cash flow to initiate a
share repurchase program that will benefit all of our shareholders and will
capitalize on the underlying value of Allscripts and our position as the clear
leader in the healthcare information technology industry."
Allscripts also announced today that it has entered into an amendment and
restatement of its credit facility (the "Credit Facility") agented by JPMorgan
Chase Bank, N.A. which increases commitments under the facility by $50 million
to $125 million and adds Fifth Third Bank as syndication agent and co-lead
arranger. The Credit Facility also may be expanded by an additional $25
million to $150 million. The initial interest rate on the Credit Facility is
expected to be LIBOR plus 2.0%.
"Our ability to attract new capital during one of the toughest lending
markets in recent history is a strong endorsement of Allscripts' financial
strength and stability," said Bill Davis, Allscripts Chief Financial Officer.
For additional detail on the changes to the Credit Facility, please refer
to the full agreement, which will be filed by Allscripts with the Securities
and Exchange Commission on a Form 8-K.
Allscripts (Nasdaq: MDRX) uses innovation technology to bring health to
healthcare. More than 150,000 physicians, 700 hospitals and nearly 7,000
post-acute and homecare organizations utilize Allscripts to improve the health
of their patients and their bottom line. The company's award-winning
solutions include electronic health record, electronic prescribing, revenue
cycle management, practice management, document management, medication
services, hospital care management, emergency department information systems
and homecare automation. Allscripts is the brand name of Allscripts-Misys
Healthcare Solutions, Inc. To learn more, visit http://www.allscripts.com.
This press release contains certain statements other than historical
facts, which constitute forward-looking statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Readers are cautioned not to place undue reliance on these
forward-looking statements, each of which is qualified in its entirety by
reference to the following cautionary statements. Forward-looking statements
speak only as of the date hereof and are based on current expectations and
involve a number of assumptions, risks and uncertainties that are beyond
Allscripts-Misys' control and could cause actual results to differ materially
from those projected in the forward-looking statements. Risks and
uncertainties that may affect forward-looking statements are described in the
reports filed by Allscripts-Misys with the Securities and Exchange Commission
(the "SEC"), which are available at the website maintained by the SEC at
http://www.sec.gov, including without limitation Allscripts-Misys' Annual
Report on Form 10-K for the year ended December 31, 2007. Allscripts can give
no assurance that any of the transactions related to the Medication Solutions
Group will be completed or that the potential conditions to the transactions
will be satisfied. Allscripts undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise. Allscripts
is not responsible for updating the information contained in this
communication beyond the published date, or for changes made to this
communication by wire services or Internet service providers.
SOURCE Allscripts-Misys Healthcare Solutions, Inc.
CONTACT: Dan Michelson, Chief Marketing Officer, +1-312-506-1217,
firstname.lastname@example.org, or Todd Stein,
Senior Manager/Public Relations,
both of Allscripts-Misys Healthcare Solutions, Inc.
Web Site: http://www.allscripts.com