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Note 14 - Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events [Text Block]
(14)        Subsequent Events

The Company has evaluated subsequent events from the balance sheet date through the date of this filing and identified the following items:

Senior Unsecured Notes

On July 19, 2011, the Company closed its previously announced private offering of $250.0 million in aggregate principal amount of 9.0% senior notes due 2019 (the “Notes”). The Notes were issued at a price of 100% of their principal amount. The Notes are senior obligations of ExamWorks and are guaranteed by ExamWorks’ existing and future U.S. subsidiaries. A portion of the gross proceeds of $250.0 million were used to repay borrowings outstanding under the Company’s Senior Secured Revolving Credit Facility and pay related fees and expenses, and the remainder will be used for general corporate purposes, including acquisitions.

Amendment to Senior Secured Revolving Credit Facility

On July 7, 2011, the Company entered into the Second Amendment becoming effective simultaneously with the consummation of the Company’s announced private offering of $250.0 million aggregate principal senior notes, which were issued on July 19, 2011. The Second Amendment, among other things, reduced the aggregate revolving commitments under the Senior Secured Revolving Credit Facility by $37.5 million for a maximum commitment of $262.5 million, subject to the Company’s right to increase the aggregate revolving commitments by $37.5 million for a maximum commitment of $300.0 million, so long as the Company is not in default and the Company satisfies certain other customary conditions (see note 10). In conjunction with the reduction in the maximum commitment under the Senior Secured Revolving Credit Facility, the Company recorded debt extinguishment costs of approximately $600,000 in July 2011.

Share Repurchase Program

On August 8, 2011, the Company announced that its Board of Directors authorized the implementation of a share repurchase program to repurchase up to $20.0 million of outstanding shares of the Company’s common stock.