Brookdale Senior Living Strikes New Deal for Funding

Brookdale Senior Living Inc., Nashville, entered into a new $100 million revolving credit facility, with an option to increase the commitment to $120 million. The new facility replaces Brookdale's existing $75 million revolving credit agreement that was scheduled to expire in August 2010. The revolving line of credit may be used to finance acquisitions and fund working capital, capital expenditures and other general corporate purposes. GE Capital, Healthcare Financial Services, acts as administrative agent as well as a lender under the new line. The new facility matures on June 30, 2013 and is secured by a first priority security interest in certain of the company's properties. The commitment will be limited to $80 million pending finalization of documentation for the remaining $20 million, which is expected within the next week. The availability under the line may vary from time to time as it is based on borrowing base calculations related to the value and performance of collateral securing the facility. "The new facility provides us with increased flexibility and capacity which will be instrumental in Brookdale's future growth," said chief executive Bill Sheriff.