Pennant Group amends credit agreement to replace LIBOR with SOFR-based rates

Pennant Group, Inc.

Second Amendment to Credit Agreement replaces LIBOR-based rates with SOFR-based rates for the $150M revolving facility, effective June 12, 2023.
Interest rates now base rate plus 1.25-2.25% or adjusted SOFR plus 2.25-3.25%, depending on leverage ratio.
No change to financial covenants, borrowing limits, or other terms; aggregate commitment remains $150 million.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Pennant Group, Inc. amended Second Amendment to Credit Agreement with Truist Bank as administrative agent and certain banks as additional lenders (effective 2023-06-12).

Action: amendment
Agreement: credit facility
Counterparty: Truist Bank as administrative agent and certain banks as additional lenders
Effective: 2023-06-12

Exact text from the filing

On June 12, 2023 The Pennant Group, Inc. (“Pennant” or the “Company”) entered into the Second Amendment to Credit Agreement (the “Amendment”) with Truist Bank as administrative agent and certain banks as additional lenders.

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Pennant Group, Inc. filing history →

Source: SEC EDGAR

accession 0001766400-23-000073

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