have increased their credit, security, guarantee, and pledge agreement with Ornda Healthcorp to $900 million from $660 million. The restated credit facility replaces the company's previous credit, dated April 19, 1994. The new facility, which matures on Oct. 30, 2001, has a revolving commitment of $440 million which will be used to finance the debt under the previous facility, aid in strategic acquisitions, and assist with general corporate purposes. The loan also includes a $460 million term loan to refinance debt under the previous agreement, payable in quarterly installments, beginning Feb. 29, 1996. Ornda, which owns, leases, and manages health care facilities, said the new credit has a more-attractive interest rate pricing, and greater covenant flexibility, than the old one.
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