NASHVILLE, Tenn., Aug. 31, 2017 /PRNewswire/ -- Brookdale Senior
Living Inc. (NYSE: BKD) announced today that the Company entered
into a credit facility with Jones Lang LaSalle Multifamily, LLC
providing $975.0 million in loans
pursuant to Fannie Mae's DUS Program. The credit facility
refinanced $618.9 million of
outstanding mortgage debt, including $389.9
million of debt which was scheduled to mature in 2018.
Lucinda M. Baier, Brookdale's
Chief Financial Officer, commented, "We are pleased with the
progress that we have made on our previously discussed plan to
refinance our 2018 maturities and build liquidity. We plan to
repay our largest remaining outstanding 2018 maturity, our
$316.3 million of convertible senior
notes, using cash on hand. Our 2017 refinancing activities
have improved our risk profile by extending a majority of our 2018
maturities while increasing our liquidity and providing
flexibility."
The loans are secured by first mortgages on 51
communities. Sixty percent of the principal amount bears
interest at a fixed rate, with one half of such amount bearing
interest at 4.43% and maturing in 2024 and the other one half
bearing interest at 4.47% and maturing in 2027. Forty percent
of the principal amount bears interest at a variable rate equal to
the 30-day LIBOR plus a margin of 241.5 basis points and matures in
2027. The facility includes certain "borrow-up" and
substitution provisions, as well as flexibility for expansion of,
and repositioning of services provided at, the mortgaged
properties.
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. Brookdale operates independent living, assisted
living, and dementia-care communities and continuing care
retirement centers, with approximately 1,039 communities in 46
states and the ability to serve approximately 102,000 residents as
of June 30, 2017. Through its
ancillary services program, the Company also offers a range of
outpatient therapy, home health and hospice services.
Brookdale's stock is traded on the New York Stock Exchange under
the ticker symbol BKD.
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. These 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 ability to secure
financing or repay, replace or extend existing debt at or prior to
maturity. Forward-looking statements are generally identifiable by
use of forward-looking terminology such as "plan" or other similar
words or expressions. These forward-looking statements are based on
certain assumptions and expectations, and our ability to predict
results or the actual effect of future plans or strategies is
inherently uncertain. 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 have a material adverse
effect on our operations and future prospects or 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; our inability to extend (or
refinance) debt (including our credit and letter of credit
facilities and our outstanding convertible notes) as it matures;
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 obtain additional capital on terms acceptable to us; 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. When considering
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in such SEC filings.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements, which reflect our management's views as
of the date of this press release. We cannot guarantee future
results, levels of activity, performance or achievements, and we
expressly disclaim any obligation to release publicly any updates
or revisions to any of these forward-looking statements to reflect
any change in our expectations with regard thereto or change in
events, conditions or circumstances on which any statement is
based.
Contact
Brookdale Senior Living Inc.
Investors: Ross Roadman
(615) 564-8104
rroadman@brookdale.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/brookdale-announces-completion-of-financing-transaction-300512678.html
SOURCE Brookdale Senior Living Inc.