GE Capital Healthcare Modifies Brookdale Credit Line
Brookdale Senior Living announced that it modified its existing revolving credit facility with GE Capital, Healthcare Financial Services. The modification extended the maturity date of the facility to March 31, 2018 and decreased certain costs associated with the facility. The modification also provides options to increase the committed amount initially from $230 million to $250 million and thereafter from $250 million up to $350 million.
The modification decreases the interest rate payable on advances (reducing the LIBOR floor by 1.5% and the spread by 1.25%) and reduces the fee payable on the unused portion of the facility from 1% to 0.5% per annum.
The revolving credit facility is secured by first priority mortgages on certain of the company’s communities. Availability under the revolving credit facility will vary from time to time as it is based on borrowing base calculations related to the appraised value and performance of the communities securing the facility.
Brookdale Senior Living is an owner and operator of senior living communities throughout the United States.