Psychiatric Solutions, Inc. (“PSI”) (NASDAQ: PSYS) today announced that it has extended the maturity of its entire $300 million revolving credit facility to December 31, 2011. Earlier this year, PSI announced that the maturity of $200 million of its $300 million revolving credit facility had been extended until the end of 2011 from the originally scheduled maturity on December 21, 2009. The maturity of the remaining $100 million of the revolving credit facility has now also been extended to December 31, 2011. The revolver currently has an outstanding balance of approximately $80 million.
Brent Turner, Executive Vice President, Finance and Administration of PSI, commented, “In a challenging credit environment, we are very pleased to have extended the maturity of the final $100 million of our revolving credit facility. The extension provides us with $300 million through 2011, which, combined with the free cash flow we expect going forward, positions us well to continue adding new beds through acquisition and internal development. Consistent with our renewed focus on acquisitions, we completed the purchase of a 107-bed inpatient psychiatric facility in early September, and our active pipeline includes a number of potential facility acquisitions.”