The Pennant Group Inc. (NASDAQ: PNTG) announced it has added a term loan to its existing credit facility, increasing the total facility by $100 million to $350 million.

The healthcare services company said the borrowings are supported by its existing lending consortium led by Truist Securities. The interest rate and maturity date of the incremental loan match those of the existing facility.

"This expansion of our credit facility further strengthens our balance sheet and gives us additional capacity to fund future growth," said Brent Guerisoli, Pennant's Chief Executive Officer.

Chief Financial Officer Lynette Walbom said the proceeds from the incremental term loan would be used to refinance a portion of the outstanding revolving loans under the credit facility.

The Pennant Group operates as a holding company of independent subsidiaries that provide healthcare services through 141 home health and hospice agencies and 61 senior living communities. The facilities are located across 13 states including Arizona, California, Colorado, Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming.

The information was disclosed in a company press release.