02:39 PM EST, 11/08/2024 (MT Newswires) -- Extendicare ( EXETF ) on Friday announced that it has entered into a new senior secured credit facility for $275 million with a syndicate of Canadian chartered banks, for a term of three years.

A statement noted the Senior Secured Credit Facility consists of a revolving credit facility for up to $145 million, which replaces the company's former demand credit facilities of $112.3 million, and a delayed draw term loan facility in an amount up to $130 million.

Friday's statement also noted the revolving facility is available for working capital and general corporate purposes, including capital expenditures and acquisitions. The delayed draw facility is available until April 30, 2025 to repay an outstanding $126.5 million of 5% convertible subordinated debentures due April 30, 2025.

The Senior Secured Credit Facility includes provisions for consecutive one-year extensions of the initial three-year term, and the ability to increase the Revolving Facility by up to $50 million, subject in each case to satisfying certain conditions and lender approval. The Senior Secured Credit Facility is secured by a portfolio of LTC homes in Ontario and is subject to customary financial and non-financial covenants and other terms.

EXE was up $0.03 at $9.40, leaving it shy of a 52 week high $9.52.

Price: 9.40, Change: +0.03, Percent Change: +0.32