Skilled Healthcare Group Announces Anticipated $100 Million Add On to Credit Facility and Redemption of Senior Subordinated Notes
Skilled Healthcare Group, Inc. (NYSE: SKH) today announced that the Company is launching an anticipated $100 million increase in its existing senior secured term loan. The Company intends that all of the net proceeds from the increased borrowing will be used to partially fund the Company's anticipated redemption of the outstanding $130 million of its 11% senior subordinated notes, which are currently redeemable at par. The Company anticipates that the remaining amount required to redeem the senior subordinated notes will be funded with a draw on the Company's $100 million revolving credit facility. The senior subordinated notes are scheduled to mature on January 15, 2014. The Company's term loan has a maturity date of April 9, 2016, and the Company does not anticipate that maturity date changing in connection with the increase in the term loan. J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC will act as joint bookrunners and joint lead arrangers for the incremental term loan.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.