White Oak’s $395M in Financing for Genesis Marks ‘Important Step’ in Restructuring

Genesis HealthCare obtained a $395 million senior credit facility from White Oak Healthcare Finance this week, marking “an important step” in the operator’s restructuring. White Oak acted as the sole lender and administrative agent in the deal. “This loan is an important step in the restructuring of Genesis as a leader in high-quality health care […]

Sabra Sells Nine Genesis Facilities For $81.4M

Sabra Health Care REIT (Nasdaq: SBRA) completed the sale of nine facilities leased to Genesis Healthcare (NYSE: GEN) for $81.4 million and one facility leased to Signature HealthCARE for $7 million. The Genesis facilities included seven skilled nursing facilities, one senior housing community and one continuing care retirement community (CCRC). As a result of the sale, […]

CEOs Upbeat About New CMS Skilled Nursing Payment Rules

Industry experts are still sorting out the long-term effects of the Centers for Medicare & Medicaid Services’ (CMS) new payment system for skilled nursing facilities, but early reviews from the CEOs of some top providers have been positive. “I would say the rule that was just published is a positive for the industry,” Genesis Healthcare […]

Genesis Sells 51% Stake in Chinese Subsidiary for $30 Million

Genesis HealthCare has signed a definitive agreement to sell 51% of its Chinese subsidiary, GRS-HS, to Riswein Health Industry Investment for $30 million. The deal is expected to close in the first quarter of 2019, subject to regulatory and licensing approvals and other customary conditions. GRS-HS will seek approval for a new, wholly owned foreign […]

MidCap Closes $75 Million Mortgage Loan for 18 Genesis Facilities

MidCap Financial Closes First Mortgage Loan on 18 Genesis SNFs MidCap Financial, a middle market-focused commercial finance company, closed a $75 million first mortgage loan with Genesis HealthCare, Inc. (NYSE: GEN). The floating rate loan is secured by 18 skilled nursing facilities across eight states with 2,153 operating beds, and is part of a $630 […]

Fitch Upgrades Sabra Rating After CCP Acquisition

Sabra Health Care REIT (Nasdaq: SBRA) is in a positive place following its recently approved merger with Care Capital Properties (CCP), according to several ratings agencies. Fitch Ratings on Wednesday increased Sabra’s rating from BB+ to BBB-, an investment-grade rating, while Standard & Poor’s boosted its corporate credit rating on the Irvine, Calif.-based real estate […]