HCR to pay off existing term loan and revolving credit facilities

HCR ManorCare, Inc. has announced its intention to refinance its term loan and revolving credit facilities.  The new term loan is for $400 million, and the revolving credit agreement is for $150 million.  Proceeds from the term loan will be used to refinance the existing term loan and revolving credit agreement as part of the company's previously announced sale/leaseback transaction with HCP, Inc.  

The HCR ManorCare health care family comprises operations that are leading providers of short-term, post-acute services and long-term care. With 60,000 caregivers nationwide, these operations are preeminent care providers in their communities. Quality care for patients and residents is provided through a network of more than 500 skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home health care agencies. These locations operate primarily under the respected Heartland, ManorCare Health Services and Arden Courts names.