Assisted Living Concepts, Inc. Expands Credit Facility by $20 Million
August 22 2008 - 5:25PM
Marketwired
Assisted Living Concepts, Inc. ("ALC") (NYSE: ALC) announced an
amendment (the "Amendment") to its $100 million revolving credit
agreement with GE Healthcare Financial Services and other lenders
(the "Revolving Credit Agreement"). The Amendment allows ALC to
borrow up to an additional $20 million under the Revolving Credit
Agreement, bringing the size of the facility to $120 million.
ALC originally entered into the Revolving Credit Agreement in
November 2006 when it became an independent, publicly traded
company listed on the New York Stock Exchange. The Revolving Credit
Agreement provides ALC with the ability to request that the size of
the facility be increased by a total of $50 million at pricing to
be negotiated at the time of the request. Under the Amendment, U.S.
Bank National Association ("US Bank") agreed, and the other lenders
consented, to allow US Bank to provide the additional $20 million
of borrowing capacity with no change in pricing terms. Following
the Amendment, ALC retains the ability to request a further
increase of up to $30 million in borrowing capacity under the
Revolving Credit Agreement.
"In this difficult credit market we are extremely pleased with
the confidence and support demonstrated by our lenders," commented
John Buono, Sr. Vice President, Chief Financial Officer and
Treasurer of Assisted Living Concepts, Inc. "Along with other
available funds, we intend to use this additional availability to
fund our expansion plans, acquisitions, share buyback program and
other general corporate purposes."
As of August 22, 2008, ALC had outstanding borrowings of $45
million under the Revolving Credit Agreement and, with the
additional availability provided by the Amendment, had available
borrowings under the Revolving Credit Agreement of $75 million.
About Us
Assisted Living Concepts, Inc. and its subsidiaries operate 216
assisted living residences with capacity for over 9,000 residents
in 20 states. ALC's assisted living facilities typically consist of
40 to 60 units and offer residents a supportive, home-like setting
and assistance with the activities of daily living. ALC employs
approximately 4,800 people.
Forward-looking Statements
Statements contained in this release other than statements of
historical fact, including statements regarding anticipated
financial performance, business strategy and management's plans and
objectives for future operations including managements expectations
about improving occupancy and private payer mix, are
forward-looking statements. These forward-looking statements
generally include words such as "expect," "intend," "will,"
"anticipate," "believe," "estimate," "plan," "strategy" or
"objective." Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied. In addition to the risks and
uncertainties referred to in the release in connection with
forward-looking statements, other risks and uncertainties are
identified in ALC's filings with United States Securities and
Exchange Commissions and include, but are not limited to, the
following: changes in the health care industry in general and the
long-term senior care industry in particular because of political
and economic influences; changes in general economic conditions;
changes in regulations governing the industry and ALC's compliance
with such regulations; changes in government funding levels for
health care services; resident care litigation, including exposure
for punitive damage claims and increased insurance costs, and other
claims asserted against ALC; ALC's ability to maintain and increase
census levels; ALC's ability to attract and retain qualified
personnel; the availability and terms of capital to fund ALC's
capital expenditures; changes in competition; and demographic
changes. Given these risks and uncertainties, readers are cautioned
not to place undue reliance on ALC's forward-looking statements.
All forward-looking statements contained in this report are
necessarily estimates reflecting the best judgment of the party
making such statements based upon current information. ALC assumes
no obligation to update any forward-looking statement.
For further information, contact: Assisted Living Concepts, Inc.
John Buono Sr. Vice President, Chief Financial Officer and
Treasurer Phone: (262) 257-8999 Fax: (262) 251-7562 Email: Email
Contact Visit ALC's Website @ www.alcco.com
Alcon (NYSE:ALC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Alcon (NYSE:ALC)
Historical Stock Chart
From Aug 2023 to Aug 2024