NASHVILLE, Tenn., Dec. 22, 2014 /PRNewswire/ -- Brookdale
Senior Living Inc. (NYSE: BKD) announced today that it has entered
into an amended and restated $500
million credit facility with lenders led by GE Capital,
Healthcare Financial Services, as administrative agent. The
amended facility replaces the Company's existing $250 million revolving credit facility and
extends the maturity date from March 31,
2018 to January 3, 2020.
The total commitment amount is comprised of a $100 million term loan drawn at closing and a
$400 million revolving credit
facility (with a $50 million sublimit
for letters of credit and a $50
million swingline feature). The amended facility
decreases the interest rate payable on drawn amounts and the fee
payable on the unused portion of the facility.
The credit facility is secured by first priority mortgages on
certain of the Company's communities and an equity pledge of
subsidiaries that own other communities. Availability under
the facility may vary from time to time based upon the value and
performance of the communities securing the facility. Amounts
drawn on the facility may be used to finance acquisitions, to fund
working capital and capital expenditures, and for other general
corporate purposes.
Andy Smith, Brookdale's CEO,
commented, "We are pleased that GE Capital and the other line
lenders have agreed to provide this expanded financing facility for
Brookdale. The expansion of the facility is part of our strategy to
create financial flexibility to pursue opportunities to accretively
deploy capital as they arise."
About Brookdale Senior Living
Brookdale Senior Living Inc. is the leading operator of senior
living communities throughout the United States. The Company
is committed to providing senior living solutions primarily within
properties that are designed, purpose-built and operated to provide
the highest-quality service, care and living accommodations for
residents. Currently Brookdale operates independent living,
assisted living, and dementia-care communities and continuing care
retirement centers, with approximately 1,150 communities in 46
states and the ability to serve over 110,000 residents.
Through its ancillary services program, the Company also
offers a range of outpatient therapy, home health, personalized
living and hospice services.
Safe Harbor
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including all statements
that are not historical statements of fact and those regarding our
intent, belief or expectations and those relating to our capital
deployment strategies. Although we believe that expectations
reflected in any forward-looking statements are based on reasonable
assumptions, we can give no assurance that our expectations will be
attained and actual results and performance could differ materially
from those projected. Factors which could cause events or
circumstances to differ from the forward-looking statements
include, but are not limited to, the risk associated with the
current global economic situation and its impact upon capital
markets and liquidity; the risk that we may not be able to satisfy
the conditions precedent to exercising the extension options
associated with certain of our debt agreements; our ability to
generate sufficient cash flow to cover required interest and
long-term operating lease payments; the effect of our indebtedness
and long-term operating leases on our liquidity; the risk of loss
of property pursuant to our mortgage debt and long-term lease
obligations; the possibilities that changes in the capital markets,
including changes in interest rates and/or credit spreads, or other
factors could make financing more expensive or unavailable to us;
our ability to effectively manage our growth; delays in obtaining
regulatory approvals; the risk that we may not be able to expand,
redevelop and reposition our communities in accordance with our
plans; our ability to complete acquisitions and integrate them into
our operations; competition for the acquisition of assets; as well
as other risks detailed from time to time in our filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Readers are
cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements
reflect our management's views as of the date of this press
release, and we expressly disclaim any obligation to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in our expectations with
regard thereto or change in events, conditions or circumstances on
which any statement is based.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/brookdale-senior-living-expands-and-extends-credit-facility-300012893.html
SOURCE Brookdale Senior Living Inc.