Petersen Health Care details terms of $45 million DIP facility

By Sarah Lizee

Olympia, Wash., March 21 – Petersen Health Care XI, LLC detailed the terms of its proposed $45 million super-priority secured debtor-in-possession term loan facility in a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The lender is JMB Capital Partners Lending, LLC.

The facility is scheduled to mature on Dec. 31, 2024.

Interest will be 12% per annum, payable in cash. Default interest would be an additional 2%.

The company is seeking interim access to $15 million of the facility.

The company is an operator of nursing homes and assisted living and long-term care facilities in Illinois, Iowa and Missouri. The company filed bankruptcy on March 20 under Chapter 11 case number 24-10443.

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