FOOTHILL RANCH, Calif.
March 28, 2012
/PRNewswire/ -- Skilled Healthcare Group, Inc. (NYSE: SKH) today announced that the Company is launching an anticipated
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
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
revolving credit facility. The senior subordinated notes are scheduled to mature on
, 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 (
) LLC will act as joint bookrunners and joint lead arrangers for the incremental term loan.
About Skilled Healthcare Group
Skilled Healthcare Group, Inc., based in
Foothill Ranch, California
, is a holding company with subsidiary healthcare services companies, which in the aggregate had trailing twelve month revenue of approximately
and approximately 13,800 employees as of
December 31, 2011
. Skilled Healthcare Group and its wholly-owned companies, collectively referred to as the "Company," operate long-term care facilities and provide a wide range of post-acute care services, with a strategic emphasis on sub-acute specialty health care. The Company operates long-term care facilities in
, including 74 skilled nursing facilities that offer sub-acute care and rehabilitative and specialty health skilled nursing care, and 23 assisted living facilities that provide room and board and social services. In addition, the Company provides physical, occupational and speech therapy in Company-operated facilities and unaffiliated facilities. Furthermore, the Company provides hospice and home health care in
. The Company leases 5 skilled nursing facilities in
to an unaffiliated third party operator. References made in this release to "Skilled Healthcare," "the Company," "we," "us" and "our" refer to Skilled Healthcare Group, Inc. and each of its wholly-owned companies. More information about Skilled Healthcare is available at
This release includes "forward-looking statements". You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "continue" or "pursue," or the negative or other variations thereof or comparable terminology. In particular, they include statements regarding the Company's intent to increase its term loan borrowings under its credit facility, the Company's plans with respect to the use of the net proceeds from those increased borrowings, and the Company's other plans with respect to the redemption of its outstanding 11% senior subordinated notes. These forward-looking statements are based on current expectations and projections about future events.