SOURCE: TLC Vision Corporation

March 03, 2008 19:23 ET

TLCVision Finalizes Credit Facility Amendment

ST. LOUIS, MO--(Marketwire - March 3, 2008) - TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's premier eye care services company, today announced that the company has finalized an amendment to its $110 million credit facility. The credit facility consists of an $85 million term loan and a $25 million revolver.

Under the new terms, the Company received a relaxation of its financial covenants into 2009. The applicable margin on the facility increased to 5.00% for LIBOR borrowings and 4.00% for prime rate borrowings (from 2.50% and 1.50% respectively). At current market rates, this would equate to a LIBOR-based borrowing rate of 8.01%. The company anticipates that the impact of the increased interest expense will be approximately $1.7 million in 2008 on a pre-tax basis.

Jim Wachtman, President and Chief Executive Officer of TLCVision, commented, "These new terms provide TLCV with the financial flexibility to support our business as the company's strategic plan continues to exceed expectations. As we announced in February, our 2007 procedure volumes grew at rates well in excess of industry levels, and our same-store procedures in January 2008 grew at double-digit rates. In addition, we anticipate our February same-store procedure volume to show absolute growth well in excess of industry levels. Our continued strong growth is the result of the right strategy and the right people executing our robust model."

TLCVision invites all interested parties to participate in a conference call during which time the financial and operating results will be discussed. The call will be held Wednesday, March 12, 2008, at 9:00 a.m. Eastern Standard Time. To participate, please dial 866-852-2121 or 416-641-6119 (international callers). The call will be broadcast live on the Company's web site at www.tlcv.com under the "Webcasts" link in the Investor Relations section.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, which statements can be identified by the use of forward looking terminology, such as "may," "will," "expect," "intend," "anticipate," "estimate," "predict," "plans" or "continue" or the negative thereof or other variations thereon or comparable terminology referring to future events or results. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including the timing of expenditures, effects of competition, changes to pricing, acquisitions and expansion opportunities, any of which could cause actual results to vary materially from current results or TLCVision's anticipated future results. See the Company's reports filed with the Canadian Securities Regulators and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward-looking statements. TLCVision assumes no obligation to update the information contained in this press release.

About TLCVision

TLCVision is North America's premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers' management, technology access service models, extensive optometric relationships, aggressive consumer advertising and managed care contracting strength, TLCVision maintains leading positions in Refractive, Cataract and Eye Care markets. Information about vision correction surgery can be found on the TLC Laser Eye Centers website at www.lasik.com. More information about TLCVision can be found on the website at www.tlcv.com.

Contact Information