NASHVILLE, Tenn., Feb. 23 Brookdale Senior Living Inc. (NYSE: BKD) announced today that the Company has entered into a new revolving credit facility. The new facility has a commitment of $100 million, with an option to increase the commitment to $120 million. The new facility replaces the Company's existing $75 million revolving credit agreement that was scheduled to expire in August 2010. The revolving line of credit may be used to finance acquisitions and fund working capital, capital expenditures and other general corporate purposes. GE Capital, Healthcare Financial Services, acts as administrative agent as well as a lender under the new line.
The new facility matures on June 30, 2013 and is secured by a first priority security interest in certain of the Company's properties. The commitment will be limited to $80 million pending finalization of documentation for the remaining $20 million commitment, which is expected within the next week. The availability under the line may vary from time to time as it is based on borrowing base calculations related to the value and performance of collateral securing the facility.
Bill Sheriff, Brookdale's CEO, commented, "We are pleased that GE Capital has agreed to provide this financing for Brookdale. The new facility provides us with increased flexibility and capacity which will be instrumental in Brookdale's future growth."
"GE's healthcare industry expertise enables us to continue to support our customers' growth opportunities and help them meet their business goals," said Brian Beckwith, senior managing director for GE Capital, Healthcare Financial Services' real estate group.
Brookdale Senior Living Inc. is a leading owner and operator of senior living communities throughout the United States. The Company is committed to providing an exceptional living experience through properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Currently the Company owns and operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 565 communities in 35 states and the ability to serve over 53,000 residents.
For more information regarding Brookdale and to be added to our email distribution list, please visit www.brookdaleliving.com.
About GE Capital, Healthcare Financial Services
With over $17 billion invested, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry, with investments in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements relating to our expectations regarding the impact of the new facility, the Company's growth prospects and the finalization of documentation for the increased commitment (and timing thereof). Words such as "expect(s)" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. We can give no assurance that our expectations will be attained. Factors that could cause actual results to differ materially from our expectations include, but are not limited to, the risk that we may not be able to finalize the documentation for the increased commitment in accordance with our expectations and other risks detailed from time to time in our filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. 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.
SOURCE Brookdale Senior Living Inc.