The Pennant Group Announces New $250 Million Credit Facility
Summary
, (GLOBE NEWSWIRE) -- (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, today announced that the Company has increased its credit facility by to an aggregate of . The new facility expires on .This amended facility further strengthens our balance sheet, and together with our strong operating cash flow, creates significant dry powder for future growth, said , Pennants Chief Executive Officer. As always, we will be disciplined and prudent in our use of these funds, and we will benefit from the added flexibility this facility provides, both in terms of its size, and also its covenants and other terms.We appreciate the continued support of our banking partners and the confidence extended by the new lenders joining the consortium, added , Pennants Chief Financial Officer. confirmed that in addition to refinancing existing borrowings, the proceeds of the credit facility would be used to fund acquisitions, cover working capital needs, and for other business purposes.is a holding company of independent operating subsidiaries that provide healthcare services through 117 home health and hospice agencies and 54 senior living communities located throughout , , , , , , , , , , , and . References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity.