Beverly Enterprises said it completed negotiations to...

Beverly Enterprises said it completed negotiations to restructure more than $800 million of its bank debt, including a $400-million revolving credit line. As a result, the Pasadena-based nursing home operator said it is no longer in default on its credit agreements. The company said it provided security for the amended credit facilities, including a pledge of the stock of certain subsidiaries and other collateral. The revised agreements require increased fees, shorter maturities and higher interest rates, and they restrict the company’s ability to make additional financings, grant liens, sell assets or pay dividends, the company said. Despite some increased costs under the revised agreements, a company spokesman said it still expects profits in the latter half of this year.