Per-Se Technologies tenders for 9½% notes

New York, Aug. 12, - Per-Se Technologies, Inc. (B3/B+) said that it began a cash tender offer for its $160 million of outstanding 9½% series B senior notes due 2005.

Per-Se - an Atlanta-based provider of software solutions, Internet-enabled conductivity and business management outsourcing services to the healthcare industry, said that the early tender deadline for the offer will be 5 p.m. ET on Aug. 25 and the offer will expire at 5 p.m. ET on Sept. 10, with both deadlines subject to possible extension.

Holders who validly tender their notes and do not subsequently withdraw them by the Aug. 25 early tender deadline will receive the current redemption price of the notes of 102.375% of the principal amount plus a premium of 0.250% of the principal amount. Those holders who validly tender their notes after the early tender deadline but before the offer expires, will receive the current redemption price of 102.375% of the principal amount of the notes, but not the additional early tender premium. All tendering noteholders will also receive accrued and unpaid interest up to, but not including, the payment date for the senior notes.

Per-Se said the closing of the tender offer is conditioned upon the company obtaining debt financing sufficient to consummate the offer, on terms and conditions satisfactory to the company, as well as the customary conditions. Per-Se said that it has received firm commitments from certain lenders to provide such debt financing in an amount sufficient to consummate the offer.

The company also announced that it has called $30 million of the 9½% notes at the current redemption price of 102.375%, plus accrued and unpaid interest. It plans to utilize the net proceeds of its divestiture of its Patient1 product line to fulfill the call, with the notes to be redeemed on Sept. 18. The redemption call will apply to any senior notes which are not tendered under the aforementioned tender offer. Information regarding the call will be posted with the Depositary Trust Co.

Banc of America Securities LLC will be the exclusive dealer-manager for the tender offer (888 292-0070 or collect at 704 388-9217). The information agent is Georgeson Shareholder Communications Inc. (call collect 212 440-9800 or 866 216-0461).

Pediatric Services of America buys back additional 10% notes

New York, Aug. 12 - Pediatric Services of America, Inc. (Caa1) said that it has repurchased an additional $1 million of its 10% senior subordinated notes due 2008 - the latest of several such repurchase transactions.

The company, a Norcross, Ga.-based provider of pediatric home health care services, said that the notes were purchased in a private transaction for $975,000 cash, plus accrued interest.

The company anticipates the transaction will result in a pre-tax gain of approximately $7,900, net of the write-off of the related deferred financing fees, in the quarter which will end on Sept. 30.

With the latest transaction, the aggregate principal amount of the notes now outstanding has been lowered to $20.35 million. Since Sept. 30, 2001, the company has repurchased $12 million of the notes in a series of private transactions, including $5 million on Oct. 10, 2001, $3 million on June 7, 2002, $1 million on Jan. 14, 2003, $1 million on July 1, $1 million on July 8 and the latest transaction. The company had also bought back $700,000 of the notes in a private transaction announced Aug. 15, 2001.

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