Healthcare Services gets five-year $475 million revolver led by PNC

By Wendy Van Sickle

Columbus, Ohio, Dec. 31 – Healthcare Services Group, Inc. entered into a new five-year $475 million unsecured revolving loan facility on Dec. 21 with PNC Bank, NA as administrative agent and PNC Capital Markets LLC as lead arranger, according to an 8-K filing with the Securities and Exchange Commission.

PNC Bank and Citizens Bank, NA are the co-documentation agents.

The company has the option to increase the revolving commitment up to a total of $600 million.

There is a $50 million sublimit for swingline loans and a $125 million sublimit for letters of credit.

Borrowings may be used for general corporate purposes.

The new credit facility replaces the company’s existing $300 million line of credit note agreement dated July 11, 2017, which expired on Dec. 21.

Based in Bensalem, Pa., the company delivers housekeeping, laundry, dining and nutrition services to the health care industry.

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