National HealthCare secures $175 million replacement line of credit

By Tali Rackner

Norfolk, Va., Oct. 7 – National HealthCare Corp. announced on Wednesday that it secured a $175 million line of credit with Bank of America NA, according to a press release.

Proceeds will be used to replace its existing $75 million line of credit.

“We are pleased to complete our credit agreement with Bank of America,” CEO Robert Adams said in the release.

“The credit facility allows us to complete the previously announced preferred stock redemption and also allows us the financial flexibility to continue to implement our strategy of expanding our continuum of post-acute health care services, which includes skilled nursing, assisted living, and homecare services.”

National HealthCare is a Murfreesboro, Tenn.-based long-term care hospital operator.

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