Extendicare to amend, restate revolver to get additional availability, extend maturity

By Sara Rosenberg

New York, April 8 - Extendicare Health Services Inc. plans to amend and restate its $105 million five-year senior secured revolver to provide for an additional $50 million of borrowing availability and to extend the term for two years, according to a company news release.

Borrowings under the amended and restated revolver, combined with proceeds from a proposed $125 million senior subordinated notes offering and cash on hand, would be used to fund a tender offer for any and all of the outstanding $200 million 9.35% senior subordinated notes due 2007.

Extendicare is a Markham, Ont., operator of long-term care facilities.

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