The credit facility was arranged by Deutsche Bank Securities as lead arranger and syndication agent and KeyBank as lead arranger and administrative agent.
"The new credit line positions the company to continue its growth strategy and advance the capital plan that is focused on improving our credit ratings in addition to reducing our cost of capital," says George L. Chapman, chairman and chief executive officer of the company.
The $175 million will extend until August 2005, with the ability to extend for a fourth year at the company's option.
The company's debt is currently rated Ba1 by Moody's and BBB- by Standard & Poor's and Fitch. On Aug. 8, Moody's revised its outlook for the company to positive, Health Care officials note, adding the company has assets of $1.5 billion.
Company-invested facilities, including nursing and assisted living complexes, are in 34 states.
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