Extendicare to refinance bank, bond debt with conversion to REIT

By Sara Rosenberg

New York, May 31 - Extendicare Health Services, Inc. plans on refinancing bank and bond debt in connection with the conversion of parent company Extendicare Inc. into a Canadian real estate investment trust, according to a company news release.

Debt to be refinanced includes the company's revolving credit facility, term loan, senior notes and senior subordinated notes.

The reorganization into a REIT, which is expected to be completed in the company's third quarter, will require approval from shareholders, approval of the Ontario Superior Court of Justice and various Canadian and U.S. regulatory approvals.

Extendicare is a Markham, Ont.-based provider of long-term care and related services.

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