-- Extendicare (EXE.TO) said Tuesday that it has closed its $450 million notes offering, due 2031.
The 4.345% notes have been assigned a final rating of BBB, with a stable trend, by Morningstar DBRS.
Extendicare used $427.7 million of the proceeds to fully repay its term credit facility, and a portion of the debt owing under its revolving credit facility. The balance of the proceeds will be used for working capital.
In connection with the debt repayment, Extendicare's existing syndicated credit facilities have been amended and restated to reflect an investment grade credit rating structure, including the release of all security previously granted to the lenders, a statement said.
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