Skilled Healthcare Group Announces Additional HUD Loan Funding
FOOTHILL RANCH, Calif., Nov. 15, 2013 /PRNewswire/ -- Skilled Healthcare Group, Inc. (NYSE: SKH) today announced the funding of an additional loan insured by the U.S. Department of Housing and Urban Development (HUD). The loan has a principal balance of $7.8 million and is secured by one skilled nursing facility. The HUD insured loan has an all in interest rate of approximately 5.3% and an amortization term of 30 years. The net loan proceeds of $6.8 million have been used to pay down outstanding term debt in the Company's senior secured credit facility, which has a maturity date of April 2016 and an all in interest rate of approximately 7.8%. Skilled Healthcare Group has now closed 10 HUD insured loans totalling $87.6 million.
About Skilled Healthcare Group, Inc.
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 $864 million and approximately 15,000 employees as of September 30, 2013. 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 California, Iowa, Kansas, Missouri, Nebraska, Nevada, New Mexico and Texas, including 74 skilled nursing facilities that offer sub-acute care and rehabilitative and specialty health skilled nursing care, and 22 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 Arizona, California, Idaho, Montana, New Mexico and Nevada. The Company leases 5 skilled nursing facilities in California to an unaffiliated third party operator. More information about Skilled Healthcare is available at www.skilledhealthcaregroup.com.
Skilled Healthcare Group, Inc.
SOURCE Skilled Healthcare Group, Inc.