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Five Star Quality Care, Inc. Enters New $150 Million Credit Facility

WARNING REGARDING FORWARD LOOKING STATEMENTS

CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON FVE’S PRESENT BELIEFS AND EXPECTATIONS, BUT THEY ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR NUMEROUS REASONS, SOME OF WHICH ARE BEYOND FVE’S CONTROL. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:

  • CONTINUED AVAILABILITY OF BORROWINGS UNDER THE NEW FACILITY IS SUBJECT TO FVE’S SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS.
  • ACTUAL ANNUAL COSTS UNDER THE CREDIT FACILITY WILL BE HIGHER THAN LIBOR PLUS A PREMIUM ON DRAWINGS BECAUSE OF OTHER FEES AND EXPENSES ASSOCIATED WITH THE NEW FACILITY.
  • EXTENDING THE MATURITY DATE OF FACILITY BY TWO, ONE YEAR OPTIONS TO APRIL 13, 2016 AND APRIL 13, 2017 IS AT THE OPTION OF FVE, BUT REQUIRES THE PAYMENT OF A FEE AND FVE’S SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS.
  • THE AMOUNT OF BORROWINGS AVAILABLE FROM TIME TO TIME UNDER THE CREDIT FACILITY WILL BE SUBJECT TO FVE HAVING SUFFICIENT QUALIFIED COLLATERAL, WHICH IS BASED ON THE VALUE OF THE PROPERTIES SECURING THE FACILITY. ACCORDINGLY, THE AVAILABILITY AT ANY TIME MAY BE LESS THAN $150 MILLION.

SOME OF THESE FACTORS ARE BEYOND FVE’S CONTROL. FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS. EXCEPT AS MAY BE REQUIRED BY LAW, FVE DOES NOT INTEND TO UPDATE OR REVISE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

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