NASHVILLE, Tenn., Sept. 2, 2020 /PRNewswire/ -- Brookdale
Senior Living Inc. (NYSE: BKD) ("Brookdale" or "the Company")
announced that it recently completed a significant financing
transaction. On August 31, 2020,
Brookdale secured $267 million of
non-recourse mortgage debt and terminated its $250 million revolving credit facility.
The Company obtained $267 million
of ten-year mortgage financing from Capital One, National
Association pursuant to Freddie Mac's Capital Markets Execution
Program. The financing includes $191
million of 2.89 percent fixed rate notes and $76 million of adjustable rate notes with an
initial rate of 2.64 percent. The first priority mortgages were
secured by 16 senior living communities, most of which had
previously secured Brookdale's revolving credit facility. At the
closing, the Company repaid the outstanding principal amount and
cash collateralized letters of credit outstanding on the credit
facility without payment of any termination fee or penalty.
Steven Swain, Brookdale's
Executive Vice President and Chief Financial Officer, said, "We are
pleased to continue enhancing our financial flexibility. We have
now executed on our previously disclosed plan to refinance the
assets securing our credit facility with non-recourse, long-term
mortgages at an attractive initial weighted average loan rate of
2.82 percent. After refinancing the credit facility assets, this
transaction maintains our liquidity level while extending
maturities. We would like to thank Capital One and Freddie Mac for
their continued partnership."
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 and manages
independent living, assisted living, memory care, and continuing
care retirement communities, with 737 communities in 44 states and
the ability to serve approximately 65,000 residents as of
June 30, 2020. The Company also
offers a range of home health, hospice, and outpatient therapy
services to over 17,000 patients as of that date. Brookdale's stock
is traded on the New York Stock Exchange under the ticker symbol
BKD.
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SOURCE Brookdale Senior Living Inc.