MISSION VIEJO, Calif., Feb. 08, 2016 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq:ENSG) announced today that Ensign and its operating subsidiaries have increased its revolving credit facility by $100 million to an aggregate of $250 million, $105 million of which was drawn as of February 1, 2016. The credit facility is supported by a lending consortium arranged by SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC. The amendment also reduced the LIBOR-based interest rate by 50 basis points and extended the termination date for the revolving commitment to February 5, 2021, among other things.
"This credit facility further strengthens our long-term capital structure and, together with our strong operating performance, extends Ensign's ability to continue expanding our portfolio of healthcare operations," said Suzanne Snapper, Ensign's Chief Financial Officer. "The continued confidence shown by our banking partners is a testament to Ensign's solid operating history and our strong balance sheet, and we look forward to working with them further as we continue our strategy of disciplined growth," she added.
Ms. Snapper confirmed that the proceeds of the credit facility will be used to fund acquisitions, renovate and upgrade existing and future facilities, cover working capital needs and for other corporate purposes. She also confirmed that Ensign’s current rent-adjusted net-debt-to-EBITDAR ratio is 3.37x.
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, urgent care services and other rehabilitative and healthcare services at 187 facilities, fourteen hospice agencies, fifteen home health agencies, three home care businesses and seventeen urgent care clinics in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska, Oregon, Wisconsin, Kansas and South Carolina. More information about Ensign is available at http://www.ensigngroup.net.
The Ensign Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13849
About SunTrust Robinson Humphrey
SunTrust Robinson Humphrey® is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries. Securities and strategic advisory services are provided by SunTrust Robinson Humphrey, Inc., member FINRA and SIPC. │ SunTrust Robinson Humphrey has extensive experience working with public and private companies of all sizes – from emerging growth to the Fortune 500. SunTrust Robinson Humphrey offers a complete array of solutions for companies across all industries while providing in-depth industry expertise and dedicated corporate and investment banking practices for certain core sectors, including business services, financial sponsors, building products, healthcare, consumer and retail, media and communications, energy, transportation, financial services and technology, and real estate. SunTrust Robinson Humphrey’s internet address is www.suntrustrh.com.
About Wells Fargo Securities
Wells Fargo Securities delivers a comprehensive set of capital markets and advisory products and services, including debt and equity origination and distribution, investment research and economic insights, interest rate, commodity and equity risk management, structured lending facilities, securitization, prime brokerage, clearing and fund services. Wells Fargo Securities is comprised of nearly 4,800 team members in 40+ offices across North America, Europe and Asia. Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, a CFTC registered futures commission merchant and a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Securities International Limited which is authorized and regulated by the UK Financial Conduct Authority and Wells Fargo Bank, National Association. Wells Fargo Securities, LLC and Wells Fargo Securities International Limited are distinct entities from affiliated banks and thrifts.
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Source:The Ensign Group, Inc.