Genesis HealthCare, a provider of post-acute care, closed on its previously announced $555 million asset-based lending facility with MidCap Financial and Apollo Investment. It also amended and expanded its existing term loan with an additional $40 million tranche.

The new ABL credit facility has a five-year term, and proceeds were used to replace and repay in full the company’s existing $525 million revolving credit facility that was scheduled to mature on February 2, 2020. With the closing of the new facility, the company is no longer subject to a forbearance agreement which was set to expire March 21, 2018.

Additionally, affiliates of Welltower and Omega Healthcare Investors agreed to amend and expand the company’s existing $124 million term loan agreement. The amendment provides, among other things, a new $40 million term loan tranche, changes to interest rate margins applicable to the loans and the elimination of any principal amortization prior to maturity. Proceeds from the new tranche will be used for general corporate purposes.

“Closing the commitments is an important milestone in our restructuring plan,” noted George V. Hager, Jr., CEO of Genesis. “Together, the new ABL facility and expanded term loan provide us $70 million of added liquidity, improving our financial flexibility and extending the maturity of our ABL debt capital from 2020 under our previous facility to 2023.”