Five Star Quality Care, Inc. Enters New $150 Million Credit Facility
Five Star Quality Care, Inc. (NYSE: FVE) today announced that it has entered into a new $150 million secured revolving credit facility. The new facility is in addition to FVE's existing $35 million secured revolving credit facility, which has a maturity date of March 18, 2013. The maturity date of the new facility is April 13, 2015 and includes options which can be exercised by FVE to extend the facility up to April 13, 2017.
Drawings under the new facility will bear interest at LIBOR plus a spread of 250 basis points. The new facility is secured by 15 senior living communities with 1,549 living units owned by FVE that have a total assessed value of approximately $230 million. FVE also continues to own an additional 12 unencumbered senior living communities with 840 living units.
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