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TriZetto Announces New $50 Million Revolving Credit Facility With Wells Fargo Foothill
NEWPORT BEACH, Calif. – December 22, 2004 – The TriZetto Group, Inc. (Nasdaq:TZIX) announced today that it has entered into a new, 3-year, $50 million revolving credit facility with Wells Fargo Foothill, part of Wells Fargo & Company (NYSE:WFC). The new credit agreement expires in January 2008 and replaces TriZetto's previous debt facility that matured earlier this month.
"This new financing agreement further strengthens our capital structure, increases our financial flexibility and is an enabling factor in retiring a portion of the TriZetto shares purchased from IMS," noted Jim Malone, TriZetto's Chief Financial Officer. "Wells Fargo Foothill's extensive experience as a lender to the software and technology sector will be a valuable asset to us in our plans for profitable growth in the future."
"We are pleased to have been able to provide TriZetto with the flexibility they need in this new facility," said Jim Marasco, Executive Vice President and Director of Loan Originations for Wells Fargo Foothill's Western Region. "We are proud of the expertise we've developed working with software companies, and those in the healthcare sector, as well. This new facility with TriZetto allows us to put our experience in both fields to work for the customer."
About Wells Fargo Foothill
Wells Fargo Foothill is a leading provider of senior secured financing to middle-market companies across the United States and Canada. It is part of Wells Fargo & Company, a diversified financial services company with $422 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only "Aaa"-rated bank in the United States. For more information, visit Wells Fargo Foothill at www.wffoothill.com.
About TriZetto
TriZetto serves the payer market, which is comprised primarily of national and regional health insurance plans, and benefits administrators that provide transaction services to self-insured employer groups. The company offers a broad portfolio of information technology products, including software, services and consulting, tailored to the needs of healthcare payers. Headquartered in Newport Beach, Calif., TriZetto can be reached at 949-719-2200 or www.trizetto.com.
Important Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements about future revenues, profits, and financial results, the market for TriZetto's services, future service offerings, industry trends, client and partner relationships, TriZetto's operational capabilities, future financial structure, uses of cash or proposed transactions.
Actual results may differ materially from those stated in any forward-looking statements based on a number of factors, including the effectiveness of TriZetto's implementation of its business plan, the market's acceptance of TriZetto's new and existing products and services, the timing of new bookings, risks associated with management of growth, reliance on third parties to supply key components of TriZetto's services, attraction and retention of employees, variability of quarterly operating results, competitive factors, risks associated with acquisitions, changes in demand for third party products or solutions which form the basis of TriZetto's service and product offerings, financial stability of our customers, the ability of TriZetto to meet its contractual obligations to customers, including service level and disaster recovery commitments, changes in government laws and regulations and risks associated with rapidly changing technology, as well as the other risks identified in TriZetto's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting TriZetto's investor relations department at 949-719-2225 or at TriZetto's web site at www.trizetto.com. All information in this release is as of December 22, 2004. TriZetto undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
CONTACTS:
Investors:
Brad Samson
949-719-2220
brad.samson@trizetto.com
Media:
Audrey McDill
303-495-7197
audrey.mcdill@trizetto.com
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For more detailed information, please call 1-800-569-1222 or click on the link below.
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