Five Star Quality Care Extends Existing $35M Credit Facility to 2016

Five Star Quality Care

today announced that it has extended the maturity date of its existing $35 million revolving bank credit facility to March 18, 2016. The existing credit facility was scheduled to expire today, March 18, 2013. In addition to extending the expiration date by three years, certain terms of the credit facility were also amended to reflect current market conditions. For example, interest paid on borrowings under the credit facility was reduced from LIBOR (with a floor of 200 basis points) plus 400 basis points to LIBOR (with no floor) plus 250 basis points. The credit facility remains secured by FVE's accounts receivable and related collateral. Jefferies Finance LLC acts as lender, arranger, administrative agent and collateral agent for the facility. Five Star Quality Care, Inc. is a senior living and healthcare services company which owns, leases and manages senior living communities, including primarily private pay independent and assisted living communities located throughout the United States. Five Star also operates two rehabilitation hospitals. Five Star is headquartered in Newton, Massachusetts.