{"componentChunkName":"component---src-templates-contenttypes-releases-pressreleases-js","path":"/about-us/press/press-releases/genesis-announces-new-financing-commitments-and-provides-updates","result":{"data":{"nodePressReleases":{"field_happening_s_date":"2018-02-21","title":"GENESIS ANNOUNCES NEW FINANCING COMMITMENTS AND PROVIDES UPDATES TO PREVIOUSLY ANNOUNCED  RESTRUCTURING PLANS","body":{"value":"<p><strong>Kennett Square, Pa.</strong> – Genesis HealthCare (NYSE: GEN) (Genesis or the Company), one of the nation’s largest providers of post-acute care, today announced it has secured new financing commitments including a commitment for a new $555 million asset based lending (ABL) facility and an agreement for an amended and expanded term loan. The Company also provided an update on its previously announced master lease and loan restructurings that will substantially reduce annual cash fixed charges retroactively to January 1, 2018.&nbsp;</p>\r\n\r\n<p><strong>Key Highlights</strong></p>\r\n\r\n<p>· The new $555 million ABL facility extends the maturity of the to-be-replaced facility by three years through 2023, ensuring long-term access to working capital financing.</p>\r\n\r\n<p>· A $40 million expansion of the Company’s existing $124 million term loan.</p>\r\n\r\n<p>· The new ABL and term loan expansion together provide $70 million of increased liquidity over prior levels.</p>\r\n\r\n<p>· Effective January 1, 2018, $54 million of permanent annual cash rent reductions are in place, representing an 11% reduction in 2017 cash rents.</p>\r\n\r\n<p>· Effective February 15, 2018, annual cash interest reduced by over $8 million, representing a 10% reduction in cash interest obligations as compared to prior agreements.</p>\r\n\r\n<p>· The Company expects to be in compliance with all financial covenants in its material lease and credit agreements as of December 31, 2017, subject to closing of financing commitments and amendments to other significant leases and credit agreements currently underway.</p>\r\n\r\n<p>“I could not be more pleased with the progress on our financing and restructuring plans over the past three months,” said George V. Hager, Chief Executive Officer of Genesis. “The commitments we have received from new and existing credit partners signal strength and confidence in Genesis’ business plan and positions the Company for sustainable, long-term success.&nbsp; We look forward to providing updates as significant additional milestones are achieved.”<br />\r\n<br />\r\n<a class=\"file file--mime-application-pdf file--application-pdf\" data-entity-type=\"file\" data-entity-uuid=\"14e6c2de-3e1e-4178-9af9-01036be5ae10\" href=\"/sites/default/files/inline-files/ABL_Restructuring_FINAL.pdf\" title=\"Click here\">Click here</a> to view the entire release.</p>\r\n"},"created":"2019-11-25T17:58:05+00:00"},"allMenuLinkContentMenuLinkContent":{"edges":[{"node":{"title":"Investors","link":{"uri":"internal:/investor-relations"},"menu_name":"about-us"}},{"node":{"title":"About Genesis HealthCare","link":{"uri":"internal:/about-us"},"menu_name":"about-us"}},{"node":{"title":"Earnings 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