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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events Disclosure

17.  SUBSEQUENT EVENTS   



The Company has evaluated all material events occurring subsequent to the balance sheet date for events requiring disclosure or recognition in the consolidated financial statements.



On January, 1 2019, one or more subsidiaries of the Company sold Mary Black Health System – Spartanburg (207 licensed beds) in Spartanburg, South Carolina, and Mary Black Health System – Gaffney (125 licensed beds) in Gaffney, South Carolina and their associated assets to Spartanburg Regional Healthcare System for approximately $76 million in cash pursuant to the terms of a definitive agreement which had been entered into on October 11, 2018.



On January 31, 2019, one or more subsidiaries of the Company sold Memorial Hospital of Salem County (126 licensed beds) in Salem, New Jersey and its associated assets to Community Healthcare Associates, LLC for approximately $2 million in cash pursuant to the terms of a definitive agreement which had been entered into on March 15, 2018.



On January 8, 2019, using a portion of the net proceeds from the divestitures that preliminarily closed on December 31, 2018 and that closed effective January 1, 2019, the Company paid approximately $65 million to reduce its outstanding borrowings on the Term H Loan under the Credit Facility.



On February 15, 2019, the Company and CHS entered into Amendment No. 1 (the “Agreement”), among the Company, CHS, the subsidiary guarantors party thereto, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, to the Credit Facility. The Credit Facility was amended by the Agreement, with requisite covenant lender approval, to amend the first lien net debt to EBITDA ratio financial covenant and to reduce the extended revolving credit commitments to $385 million. The amended financial covenant provides for a maximum first lien net debt to EBITDA ratio of 5.00 to 1.0 from July 1, 2018 through December 31, 2018, 5.25 to 1.0 from January 1, 2019 through December 31, 2019, 5.00 to 1.00 from January 1, 2020 through June 30, 2020, 4.50 to 1.00 from July 1, 2020 through September 30, 2020, and 4.25 to 1.0 thereafter.  In addition, CHS agreed pursuant to the Agreement to further restrict its ability to make restricted payments. The revolving credit commitments will terminate on January 27, 2021. The amended Credit Facility includes a 91-day springing maturity date applicable if more than $250 million in the aggregate principal amount of our 8% Senior Notes, 7⅛% Senior Notes, Term H Facility or refinancings thereof are scheduled to mature or similarly become due within 91 days of such date.