Credit Suisse Agents Skilled Healthcare Group Facility Amendment
Skilled Healthcare Group announced that it amended its senior secured credit facility to modify the leverage covenant. The amendment provides the company with additional financial flexibility as it continues to manage through recently enacted reimbursement changes and a challenging operating environment.
According to the company’s 8K filing, Credit Suisse AG served as administrative agent and collateral agent and Credit Suisse Securities (USA) served as amendment arranger.
“While we remained in compliance with the existing leverage covenant and the other financial requirements in our credit facility, this amendment provides us additional flexibility with regard to leverage,” said Boyd Hendrickson, chairman and chief executive officer of Skilled Healthcare Group. “We also continue to work on our previously-announced anticipated HUD financing, which presents a great opportunity to strengthen our balance sheet,” continued Mr. Hendrickson.
Foothill Ranch, CA-based Skilled Healthcare Group is a holding company with subsidiary healthcare services companies, which operate long-term care facilities and provide a wide range of post-acute care services, with an emphasis on sub-acute specialty health care.