NASHVILLE, Tenn., Aug. 27 /PRNewswire-FirstCall/ -- Brookdale Senior Living Inc. announced today that the Company has completed two mortgage debt refinancing transactions in the aggregate principal amount of $219.0 million. The Company obtained a $181.0 million first mortgage loan from Prudential Mortgage Capital Company. The loan has a seven year term and bears interest at a fixed rate. Additionally, the Company obtained a $38.0 million first mortgage loan from GE Capital, Healthcare Financial Services. The loan has a five year term and bears interest at a variable rate. The initial blended interest rate of the loans is 5.96%. The proceeds of the loans were used to repay existing debt that was scheduled to mature in 2011 and 2012.
Bill Sheriff, Brookdale's CEO, commented, "We have now addressed all of the Company's 2011 debt maturities and a significant portion of the Company's 2012 maturities. We expect to continue to make progress on extending and laddering our mortgage debt maturity schedule."
After completion of the two refinancing transactions, the Company currently has no mortgage debt maturities before 2012 that do not contain contractual extension options (other than periodic, scheduled principal payments). Since the beginning of the year, the Company has refinanced or repaid approximately $414 million of mortgage debt that was scheduled to mature in 2010, 2011 and 2012.
About Brookdale
Brookdale Senior Living Inc. is a leading owner and operator of senior living communities throughout the United States. The Company is committed to providing an exceptional living experience through properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Currently the Company owns and operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 564 communities in 35 states and the ability to serve approximately 52,000 residents.
For more information regarding Brookdale and to be added to our email distribution list, please visit http://www.brookdaleliving.com/.
Safe Harbor
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements relating to our ability to secure financing or repay, replace or extend existing debt at or prior to maturity and our expectations regarding financings and refinancings of assets (including the timing thereof). Words such as "expect(s)" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. We can give no assurance that our expectations will be attained. Factors that could cause actual results to differ materially from our expectations include, but are not limited to, the risk associated with the current global economic crisis and its impact upon capital markets and liquidity, the risk that we may not be able to extend (or refinance) debt as it matures, the possibilities that changes in the capital markets, including changes in interest rates and/or credit spreads, or other factors could make financing more expensive or unavailable to us, our ability to obtain additional capital on terms acceptable to us, and other risks detailed from time to time in our filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
Contact: Ross Roadman, Nashville, 1-615-564-8104
Brookdale Senior Living Inc.
CONTACT: Ross Roadman, Nashville, +1-615-564-8104
Web Site: http://www.brookdaleliving.com/
