Skilled Healthcare to launch $430 million facility on Wednesday

By Sara Rosenberg

New York, March 16 - Skilled Healthcare Group Inc. is scheduled to hold a bank meeting on Wednesday in New York with a 10 a.m. ET start to launch its proposed $430 million credit facility, according to sources.

Credit Suisse, Barclays, JPMorgan and Bank of America are the lead banks on the deal, with Credit Suisse the left lead.

The facility consists of a $100 million revolver and a $330 million term loan, sources said.

Proceeds will be used to refinance the company's existing senior secured credit facility that consists of a $260 million term loan and a $135 million revolver.

The goal of the refinancing is to extend maturities and revise certain covenants.

Secured leverage is 3.1 times and total leverage is 4.2 times.

Skilled Healthcare is a Foothill Ranch, Calif.-based health care services company.

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