FORT SMITH, Ark.--(BUSINESS WIRE)-- Golden Living announced today that it has closed on a $1.5 billion term loan and a $75 million cash flow revolver. The company used these proceeds to pay down all of its existing lenders and add capital to its balance sheet.
The financing, which was arranged by Citigroup and RBC Capital Markets, will be governed by maintenance covenants.
“This financing provides a flexible, stable capital structure for our company that will serve as a foundation for continued growth,” said Neil Kurtz, M.D., President and CEO of Golden Living. “It is a validation of the market’s confidence in the path we are on to become the leading integrated healthcare provider across the continuum of recovery care services. With our financing now secured for the next seven years, we can focus on building our business and enhancing the care and service we provide to our patients.”
About Golden Living (www.goldenliving.com)
Golden Living is a family of companies that specialize in recovery care. Its mission is to help people recover health and improve quality of life through a network of healthcare services, including rehab, home care, assisted living, skilled nursing care and hospice. The Golden Living family of companies include Golden LivingCenters, Aegis Therapies, AseraCare Hospice and Home Health, and 360 Healthcare Staffing. There are more than 300 Golden LivingCenters in 21 states. Golden Living also offers assisted living services at more than 40 locations. In addition, the Golden Innovations companies partner with more than 1,000 nursing homes, hospitals and other health care organizations in 37 states and the District of Columbia. Collectively, the Golden Living family of companies has more than 42,000 employees who provide quality healthcare to more than 60,000 patients every day.
Blair Jackson, 202-434-0516
KEYWORDS: United States North America Arkansas
INDUSTRY KEYWORDS: Health Hospitals Nursing General Health Managed Care