A Medical Device Daily

Skilled Healthcare Group (Foothill Ranch, California) said it is seeking to refinance its existing senior secured credit facility, which currently consists of a $260 million term loan and a $135 million revolving loan facility.

To accomplish the refinancing, Skilled Healthcare said it anticipates amending and restating its existing senior secured credit facility to, among other things, extend the maturity date and modify certain of the facility's covenants. The company intends to use the proceeds of loans made under the amended and restated credit facility to refinance outstanding balances under the existing senior secured credit facility and for general corporate purposes.

The consummation of the refinancing and the execution of the amendment and restatement of the existing senior secured credit facility are subject to various conditions, including approval by the company's board and the negotiation of final transaction documents satisfactory to the company and the lenders.

Skilled Healthcare Group is a holding company with subsidiary healthcare services companies, which in the aggregate have consolidated annual revenues of more than $750 million and about 14,000 employees. The company operates long-term care facilities and provide post-acute care services, with a strategic emphasis on sub-acute specialty healthcare.

In other financing news, Angeion (St. Paul, Minnesota) reported its intention to repurchase up to $1 million worth of its outstanding shares in the open market or in privately negotiated transactions. These shares will be purchased from time-to-time over a nine-month period. The timing and actual number of shares purchased will depend upon a variety of factors, such as price, corporate and regulatory requirements, alternative investment opportunities, and other market and economic conditions. Repurchases under the program will be funded from available working capital. The program may be commenced, suspended or terminated at any time, or from time-to-time at management's discretion without prior notice.

Rodney Young, Angeion's president/CEO, indicated that the company's board approved the repurchase program in view of the current price level of Angeion's common stock and its strong capital position.

"We believe that the repurchase of our shares represents an attractive investment opportunity which will benefit the company and our shareholders. We also believe that we can continue to invest in the initiatives that are key to our future success," said Young.

Angeion, through its subsidiary Medical Graphics, makes non-invasive cardiorespiratory diagnostic systems that are sold under the MedGraphics and New Leaf brand and trade names.