Upon closing, we borrowed $47.5 million for the new facility for two purposes. First, to help repay in full the $38 million bridge loan we had outstanding with senior living properties trust and second to purchase $12.4 million of our convertible senior notes. We purchased these notes at a 3% discount to par and will recognize this gain in the second quarter. We used approximately $3 million of our cash on hand as well.Compared to last year, our asset pipeline has been relatively slow. As we haven’t seen many opportunities that fit our acquisition strategy which to remind you is focused on stabilized, well run, private pay senior living communities in areas where we have a geographic strength of operations. We will continue to be judicious in our approach to acquisitions and expect to see more opportunities throughout the rest of the year.
Five Star Quality Care's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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