Brookdale Senior Living announced it entered into an amended and restated $500 million credit facility with lenders led by GE Capital, Healthcare Financial Services as administrative agent. The amended facility replaces the company’s existing $250 million revolving credit facility and extends the maturity date from March 31, 2018 to January 3, 2020.

The total commitment amount is comprised of a $100 million term loan drawn at closing and a $400 million revolving credit facility (with a $50 million sublimit for letters of credit and a $50 million swingline feature). The amended facility decreases the interest rate payable on drawn amounts and the fee payable on the unused portion of the facility.

The credit facility is secured by first priority mortgages on certain of the company’s communities and an equity pledge of subsidiaries that own other communities. Availability under the facility may vary from time to time based upon the value and performance of the communities securing the facility. Amounts drawn on the facility may be used to finance acquisitions, to fund working capital and capital expenditures, and for other general corporate purposes.