Five Star Quality Care, Inc . (NYSE: FVE) today announced that it has entered into a new $150 million secured revolving credit facility. The new facility is in addition to FVE’s existing $35 million secured revolving credit facility, which has a maturity date of March 18, 2013. The maturity date of the new facility is April 13, 2015 and includes options which can be exercised by FVE to extend the facility up to April 13, 2017.
Drawings under the new facility will bear interest at LIBOR plus a spread of 250 basis points. The new facility is secured by 15 senior living communities with 1,549 living units owned by FVE that have a total assessed value of approximately $230 million. FVE also continues to own an additional 12 unencumbered senior living communities with 840 living units.
Citigroup and RBC Capital Markets acted as joint lead arrangers and bookrunners for the new facility. Banks participating in the new facility are as follows:
|Name of Institution||Facility Title|
|Citibank, N.A.||Administrative Agent|
|Royal Bank of Canada||Syndication Agent|
|CIT Bank (CIT Healthcare)||Co-Documentation Agent|
|Compass Bank||Co-Documentation Agent|
|PNC Bank, National Association||Co-Documentation Agent|
|The Huntington National Bank||Co-Documentation Agent|
|RBS Citizens, N.A.||Lender|
|UBS Loan Finance LLC||Lender|
Five Star Quality Care, Inc. 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. Five Star also operates five institutional pharmacies and two rehabilitation hospitals. Five Star is headquartered in Newton, Massachusetts.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV