Friday, health information services provider HLTH Corp. (HLTH) said that it has signed a definitive deal to sell its Porex unit to affiliates of private equity firm Aurora Capital Group for $142 million.
Porex develops, manufactures and distributes porous plastic products and components used in healthcare, industrial and consumer applications. It has manufacturing operations in North America, Europe and Asia and customers in more than 75 countries.
The closing is expected to occur 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 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.
HLTH, which also owns 83% of health information provider WebMD Health Corp (WBMD), previously announced its intent to sell Porex and has been reflecting Porex as discontinued operations in its financial statements.
Jefferies & Company, Inc. acted as HLTH's exclusive financial advisor and Shearman & Sterling LLP acted as HLTH's legal advisor in connection with the deal.
HLTH closed Thursday's regular trading at $14.50 and WBMD at $32.80.
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