Jeffries Finance Agents Five Star Quality Care Amendment
Five Star Quality Care announced it has extended the maturity date of its existing $35 million revolving bank credit facility to March 18, 2016.
Five Star said Jefferies Finance acted as lender, arranger, administrative agent and collateral agent for the facility.
Five Star noted that in addition to extending the expiration date by three years, certain terms of the credit facility were also amended to reflect current market conditions. For example, interest paid on borrowings under the credit facility was reduced from LIBOR (with a floor of 200 basis points) plus 400 basis points to LIBOR (with no floor) plus 250 basis points. The credit facility remains secured by FVE’s accounts receivable and related collateral.
Newton, MA-based Five Star Quality Care is a senior living and healthcare services company which owns, leases and manages senior living communities, including primarily private pay independent and assisted living communities located throughout the U.S.