Brookdale Refinances Substantially All 2020 and 2021 Debt Maturities

Rhea-AI Summary

Brookdale Senior Living Inc. (NYSE: BKD) announced on September 10, 2020, the completion of a significant financing transaction totaling $221 million. This refinancing covers nearly all of its 2020 and 2021 debt maturities. The financing includes $157 million at a fixed rate of 3.18% and $64 million at an adjustable rate starting at 2.70%, secured by 27 senior living communities. CFO Steven Swain highlighted the proactive measures taken to enhance liquidity, achieving an attractive average loan rate of 3.04%.

Positive

• Successfully refinanced almost all 2020 and 2021 debt maturities.
• Attractive initial weighted average loan rate of 3.04%.
• Financing secured by 27 senior living communities.

Negative

• None.

NASHVILLE, Tenn., Sept. 10, 2020 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale" or "the Company") announced today that it recently completed another significant financing transaction totaling $221 million, and has now refinanced substantially all of its remaining 2020 and 2021 maturities.

On September 9, 2020, the Company obtained $221 million of ten-year mortgage financing from Newmark Knight Frank pursuant to Freddie Mac's Capital Markets Execution Program. The financing includes $157 million of 3.18 percent fixed rate notes and $64 million of adjustable rate notes with an initial rate of 2.70 percent. The first priority mortgages were secured by 27 senior living communities, most of which had previously secured Freddie Mac loans maturing in 2021.

Steven Swain, Brookdale's Executive Vice President and Chief Financial Officer, said, "We've taken multiple proactive steps to enhance our liquidity in recent quarters. In the regular course of business, we are pleased to have now refinanced the vast majority of our 2020 and 2021 maturities at an attractive initial weighted average loan rate of 3.04 percent. We would like to thank Newmark Knight Frank and Freddie Mac for their continued partnership."

About Brookdale Senior Living
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. Brookdale operates and manages independent living, assisted living, memory care, and continuing care retirement communities, with 737 communities in 44 states and the ability to serve approximately 65,000 residents as of June 30, 2020. The Company also offers a range of home health, hospice, and outpatient therapy services to over 17,000 patients as of that date. Brookdale's stock is traded on the New York Stock Exchange under the ticker symbol BKD.

View original content to download multimedia:http://www.prnewswire.com/news-releases/brookdale-refinances-substantially-all-2020-and-2021-debt-maturities-301127052.html

SOURCE Brookdale Senior Living Inc.

FAQ

What was the total amount of Brookdale's recent financing transaction?

Brookdale Senior Living completed a financing transaction totaling $221 million.

What are the terms of the new financing obtained by BKD?

The financing includes $157 million of fixed rate notes at 3.18% and $64 million of adjustable rate notes starting at 2.70%.

How has Brookdale enhanced its liquidity recently?

Brookdale has taken proactive steps, including refinancing substantially all of its 2020 and 2021 maturities.

What is the initial weighted average loan rate achieved by Brookdale?

Brookdale achieved an initial weighted average loan rate of 3.04%.

How many senior living communities did Brookdale secure for its financing?

The financing was secured by 27 senior living communities.