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Note 15 - Subsequent Events
3 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

(15)           Subsequent Events


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


5.625% Senior Notes due 2023


On April 16, 2015, the Company closed the public offering of $500.0 million in aggregate principal amount of 5.625% senior notes due 2023 (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 certain of ExamWorks’ existing and future U.S. subsidiaries. A portion of the gross proceeds of $500.0 million were or will be used to repay all outstanding borrowings under the Senior Secured Revolving Credit Facility, to redeem all of the Senior Unsecured Notes, to pay related fees and expenses, and for general corporate purposes, including acquisitions.


Amended and Restated Senior Secured Revolving Credit Facility


Concurrently with the issuance of the Notes, on April 16, 2015, the Company amended and restated the terms of its Senior Secured Revolving Credit Facility in connection with the offering of the Notes pursuant to an amended and restated credit agreement (the “Amended and Restated Credit Facility”) dated April 16, 2015. The Amended and Restated Credit Facility provides for up to $300.0 million of revolving extensions of credit outstanding at any time (including revolving loans, swingline loans and letters of credit). During the term of the Amended and Restated Credit Facility, the Company has the right, subject to compliance with the covenants specified in the Amended and Restated Credit Facility and the Notes, to increase the revolving extensions under the Amended and Restated Credit Facility to a maximum of $400.0 million. The term of the Senior Secured Revolving Credit Facility was extended for five years from the date of the amendment to April 2020.


Working Capital Facilities


On April 16, 2015, the Company amended both the working capital facility provided to UKIM by Barclays Bank PLC and the working capital facility provided to Premex by Barclays Bank PLC to, among other things, extend the term by a period of 36 months to April 2018. The amounts outstanding under these facilities have been reclassified from current to long-term as of March 31, 2015.