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SunTrust Robinson Humphrey Arranges $75MM for The Ensign Group

February 07, 2013, 09:32 AM

The Ensign Group that along with its operating subsidiaries, the company has increased its revolving credit facility $75 million to an aggregate of $150 million, $20 million of which was drawn as of February 1, 2013. The amendment also extended the maturity date on its $75 million term loan and the termination date for the revolving commitment to February 1, 2018. The lending group is comprised of a six-bank consortium and the increase was arranged by SunTrust Robinson Humphrey and Wells Fargo Securities.

"This credit facility further strengthens our long-term capital structure and, together with our strong cash flow, extends Ensign's ability to continue expanding our portfolio of healthcare facilities and companies," said Suzanne Snapper, Ensign's chief financial officer. "The continued confidence shown by our banking partners is a testament to Ensign's strong balance sheet and solid operating history, and we look forward to working with them further as we continue our strategy of disciplined growth," she added.

Snapper confirmed that the proceeds of the credit facility will be used to fund acquisitions, renovate and upgrade existing and future facilities, cover working capital needs and for other corporate purposes.

The Ensign Group’s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, urgent care services and other rehabilitative and healthcare services at 108 facilities, six hospice companies and seven home health businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska and Oregon.

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