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This excerpt taken from the WBMD 8-K filed Nov 23, 2009. Porex
In February 2008, the Company announced its intention to divest
its Porex segment, and on October 19, 2009, the Company
completed the sale. In connection with the sale of Porex, the
Company received $142,000, consisting of $74,500 in cash
received at closing, subject to customary adjustment based on
the amount of Porex’s working capital, and $67,500 in
senior secured notes (“Senior Secured Notes”). The
Senior Secured Notes are secured by certain assets of the
acquirer. The Senior Secured Notes accrue interest at a rate of
8.75% per annum, payable quarterly. The Senior Secured Notes
were issued in four series: the Senior Secured Notes of the
first, second and third series have an aggregate principal
amount of $10,000 each and mature on the first, second and third
anniversaries of the closing, respectively; and the Senior
Secured Notes of the fourth series have an aggregate principal
amount of $37,500 and mature on the fourth anniversary of the
closing.
The financial information of Porex is reflected as discontinued
operations in the accompanying financial statements. Summarized
operating results for the discontinued operations of Porex are
as follows:
Table of Contents
HLTH
CORPORATION
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
The major classes of assets and liabilities of Porex are as
follows:
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