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HCR ManorCare launches $550 million credit facility to investors
By Sara Rosenberg
New York, Feb. 14 - HCR ManorCare launched its $550 million credit facility with a bank meeting on Monday, according to a market source.
JPMorgan, Bank of America Merrill Lynch and Credit Suisse are the lead banks on the deal.
The facility consists of a $400 million term loan and a $150 million revolver.
Proceeds will be used to refinance the company's existing term loan and revolver as part of its previously announced sale/leaseback transaction with HCP Inc.
HCR ManorCare is a Toledo, Ohio-based provider of short-term, post-acute services and long-term care.
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