Daily News: January 10, 2018

SunTrust Provides $117.5MM Revolver for Validus

Validus Senior Living, a Tampa-based long-term care company, closed a $117.5 million syndicated revolving line of credit. SunTrust Robinson Humphrey served as the lead arranger and bookrunner for the deal, while SunTrust Bank acted as the lead participant and administrative agent.

The notable syndication process was led by SunTrust Robinson Humphrey, in close coordination with Validus. The five-year deal is renewable and will greatly add to the rapidly growing value of the entire company, which currently includes 11 communities and four new communities in development. SunTrust also provided strategic insight to help Validus expand its portfolio through acquisition.

The funds will support the acquisitions of two new Inspired Living communities – Inspired Living at Ocoee in Florida and Inspired Living at Kenner in Louisiana – that offer both assisted living and memory care. A third community, Inspired Living at Alpharetta, in Alpharetta, GA, is expected to close in the coming weeks.

Through these acquisitions, the company expects to add more than 250 units and 200 associates. Each future acquisition will add an additional 100 jobs.

“SunTrust is pleased to work with Validus Senior Living to finance these new acquisitions and future expansions,” said Evelyn Lee, senior vice president of SunTrust’s Aging Services practice. “Validus shows a committed vision, offering the highest levels of care and accommodations for each resident they serve.”

SunTrust’s Aging Services practice group offers industry expertise across a wide range of sectors, including skilled nursing, assisted living, memory care and continuity of care in retirement. SunTrust currently has over $2.5 billion in credit commitments for senior care facilities as it continues to support the growth of the aging services community.