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Subsequent Event
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENT
SUBSEQUENT EVENT

On February 26, 2016, the Company executed an Amended and Restated Credit Agreement (the "Credit Agreement") with a syndicate of financial institutions and banks, including The PrivateBank and Trust Company, the administering agent, which modifies the terms of the Amended and Restated Term Loan and Security Agreement ("Original Mortgage Loan") and Amended and Restated Revolving Loan and Security Agreement ("Original Revolver"), dated April 30, 2013. The Credit Agreement increases the Company's borrowing capacity to $100.0 million allocated between a $72.5 million Mortgage Loan ("Amended Mortgage Loan") and a $27.5 million Revolver ("Amended Revolver").

Under the terms of the amended agreements, the syndicate of banks provided the Amended Mortgage Loan with an original balance of $72.5 million, and a $27.5 million Amended Revolver through February 26, 2021. The Amended Mortgage Loan consists of $60.0 million term and $12.5 million acquisition loan facilities. Additionally, the Company can elect to increase the Amended Mortgage Loan and/or the Amended Revolver on or prior to the three year anniversary of the closing date, and such increase in the aggregate cannot exceed $30.0 million. The Amended Mortgage Loan has a term of five years, with principal and interest payable monthly based on a 25-year amortization. Interest is based on LIBOR plus 4.0%. A portion of the Amended Mortgage Loan is effectively fixed at 5.79% pursuant to an interest rate swap with an amortizing notional amount of $30.0 million. The Amended Mortgage Loan is secured by 17 owned nursing centers, related equipment and a lien on the accounts receivable of these centers. The Company's Amended Revolver has an interest rate of LIBOR plus 4.0% and is secured by accounts receivable and is subject to limits on the maximum amount of loans that can be outstanding under the revolver based on borrowing base restrictions. The Amended Mortgage Loan and the Amended Revolver are cross defaulted and cross collateralized.

The Credit Agreement amends certain provisions to our financial covenants including the following: (a) The Company's EBITDAR cannot be less than $10.0 million, (b) the Fixed Charge Coverage Ratio cannot be less than 1.05 to 1.00, (c) EBITDA cannot be less than $10.0 million, and (d) the Current Ratio cannot be less than 1.00 to 1.00, all as defined in the Credit Agreement.

In conjunction with the execution of the Credit Agreement, the Company exercised its real estate purchase options for Diversicare of Hutchinson in Hutchinson, Kansas and Clinton Place in Clinton, Kentucky for $4.25 million and $3.3 million, respectively. Diversicare has operated these facilities since February 2015 and April 2012, respectively.