National HealthCare Corporation (NYSE: NHC) announced this week the renewal of a $75 million credit line with Bank of America that the company plans to use toward future expansion in senior living services including assisted living, skilled nursing, home care and hospice.
The company currently provides services to 68 long term care communities spanning 9,450 beds as well as memory care, long term care pharmacies hospice and rehabilitation services. Affiliates of NHC operate 37 home care programs, six independent living communities and 17 assisted living communities.
There are more plans to expand with the renewal of the credit line, NHC’s CEO Robert Adams said upon the announcement.
“We are pleased to complete our 6(th) amendment to our Credit Agreement with Bank of America,” he said. “The continued financial flexibility provided by this renewed credit line adds further momentum to our strategy of expanding our continuum of post-acute care services in our key Integrated Care Markets including assisted living, skilled nursing, homecare and hospice.”
In late 2012, NHC acquired six skilled healthcare centers from National Health Investors (NYSE: NHI) for $21 million.
NHC had not returned a request for comment as of press time.
Written by Elizabeth Ecker