Extendicare Announces New $275 Million Senior Secured Credit Facility

MARKHAM, Ontario, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Extendicare Inc. ("Extendicare" or the "Company") (TSX:EXE) today announced that it has entered into a new senior secured credit facility for $275.0 million (the "Senior Secured Credit Facility") with a syndicate of Canadian chartered banks, for a term of three years. The Senior Secured Credit Facility consists of a revolving credit facility for up to $145.0 million (the "Revolving Facility"), which replaces the Company's former demand credit facilities of $112.3 million, and a delayed draw term loan facility in an amount up to $130.0 million (the "Delayed Draw Facility"). The Revolving Facility is available for working capital and general corporate purposes, including capital expenditures and acquisitions. The Delayed Draw Facility is available until April 30, 2025 to repay the Company's outstanding $126.5 million of 5.00% convertible subordinated debentures due April 30, 2025 (the "2025 Debentures"). Extendicare may redeem the 2025 Debentures before their maturity date ...