Brookdale Senior Living Inc. has entered into an amended and restated $500 million credit facility with lenders led by GE Capital, Healthcare Financial Services, as administrative agent.  The amended facility replaces the company's existing $250 million revolving credit facility and extends the maturity date from March 31, 2018 to January 3, 2020.  The total commitment amount is comprised of a $100 million term loan drawn at closing and a $400 million revolving credit facility (with a $50 million sublimit for letters of credit and a $50 million swingline feature).  The amended facility decreases the interest rate payable on drawn amounts and the fee payable on the unused portion of the facility.  

The credit facility is secured by first priority mortgages on certain of the company's communities and an equity pledge of subsidiaries that own other communities.  Availability under the facility may vary from time to time based upon the value and performance of the communities securing the facility.  Amounts drawn on the facility may be used to finance acquisitions, to fund working capital and capital expenditures, and for other general corporate purposes.

Andy Smith, Brookdale's CEO, commented, "We are pleased that GE Capital and the other line lenders have agreed to provide this expanded financing facility for Brookdale. The expansion of the facility is part of our strategy to create financial flexibility to pursue opportunities to accretively deploy capital as they arise."

Brookdale Senior Living Inc. is the leading operator of senior living communities throughout the United States.  The company is committed to providing senior living solutions primarily within properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents.  Currently Brookdale operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with approximately 1,150 communities in 46 states and the ability to serve over 110,000 residents.  Through its ancillary services program, the company also offers a range of outpatient therapy, home health, personalized living and hospice services.