Brookdale completes $220 million refinancing of nearly all 2023 debt maturities
NASHVILLE, Tenn., October 17, 2022 /PRNewswire/ — Brookdale Senior Living Inc. (NYSE: BKD) (“Brookdale” or “the Company”) announced today that it has closed a major financing transaction totaling $220 millionwhich has refinanced substantially all of the 2023 debt maturities. The Company’s next agency debt maturity is September 2024.
On October 13, 2022Brookdale got $220 million Mortgage Debt from Capital One, National Association as Administrative Agent, Co-Lead Arranger and Lender, and Synovus Bank as Co-Lead Arranger and Lender. CBRE Capital Markets acted as financial advisor to Brookdale to underwrite the loan. The debt has an initial term of three years and two one-year renewal options, exercisable subject to certain performance criteria. The debt has a variable interest rate of 2.45% over SOFR and bears interest only for the first three years. The debt is secured by first mortgages on 24 retirement homes, and 25% of the loan amount is subject to parental guarantee.
Steven SwainExecutive Vice President and Chief Financial Officer of Brookdale, said, “I am very pleased that Brookdale has now refinanced all 2023 maturities except for a highly collateralized asset-secured loan scheduled for sale. This refinancing cleared the maturity track for nearly two years as the next maturity of our agency debt is September 2024.”
About Brookdale Senior Living
Brookdale Senior Living Inc. is the nation’s leading operator of senior living facilities. The Society is committed to fulfilling its mission to enrich the lives of the people it serves with compassion, respect, excellence and integrity. The Company operates residences for independent persons, assisted living facilities, memory care and residences for retirees in continuing care. Thanks to its extensive network, Brookdale helps provide seniors with care and services in an environment where they feel at home. The company’s expertise in healthcare, hospitality and real estate provides residents with opportunities to improve their well-being, pursue their passions and stay connected with friends and loved ones. Brookdale operates and manages 672 communities in 41 states in September 30, 2022with the capacity to serve more than 60,000 inhabitants. Brookdale’s stock trades on the New York Stock Exchange under the ticker symbol BKD. For more information, visit brookdale.com or connect with Brookdale on Facebook Where Twitter.
SOURCE Brookdale Senior Living Inc.