Truist Bank arranged the upsizing of The Pennant Group’s revolving credit facility by $75 million to a total of $150 million, of which approximately $18.3 million was drawn as of Feb. 22, 2021. 

The proceeds of the credit facility will be used to fund acquisitions, invest in growth opportunities, cover working capital needs and for other business purposes. 

The Pennant Group is a holding company of independent operating subsidiaries that provide healthcare services through 80 home health and hospice agencies and 54 senior living communities

“This amended credit facility improves our long-term capital structure and, together with our strong cash flow, expands our ability to continue growing our portfolio of healthcare operations opportunistically,” Jenn Freeman, CFO at Pennant, said. 

In addition to increasing the revolver’s capacity, the amendment extends the facility’s termination to 2026, reduces the interest rates on drawn capital and reduces undrawn fees.

“The continued confidence shown by our banking group is a testament to our healthy balance sheet and our strong start as a standalone public company. We look forward to working with our banking partners going forward as we continue to execute our strategy of disciplined growth,” Freeman said.