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Genesis Healthcare secures $555M asset-based loan to repay debt

Genesis Healthcare Inc. secured a $555 million asset-based lending facility from MidCap Financial Trust.

The Kennett Square, Pa.-based healthcare facilities operator will use the loan to fully replace and repay its existing $525 million credit line that was scheduled to mature Feb. 2, 2020.

Under the new loan, Genesis Healthcare will have a $325 million first lien term loan facility, a $200 million first lien revolving credit facility and a $30 million overline facility, all of which carry a five-year term.

The loan comes as Welltower Inc. and Sabra Health Care REIT Inc. sell off facilities leased to Genesis Healthcare, in a restructuring effort intended to help Genesis avoid bankruptcy.