Rochester, NY 6/30/2009 10:30:14 PM
Morning Report - FVE - Five Star Extends Bank Credit Facility - Sourced WhisperFromWallStreet.com
Five Star Quality Care, Inc.
Morning Report - FVE - Five Star Extends Bank Credit Facility - Sourced WhisperFromWallStreet.com
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Five Star Quality Care Inc.,FVE
Five Star Quality Care, Inc. announced that it has extended the maturity of its revolving bank credit facility. Prior to the change, the Company’s credit facility had a maturity of May 8, 2009. As a result of today’s amendment, the maturity date is extended to May 8, 2010, with a lender’s option to extend the facility on two occasions, each for one year. The maximum amount of permitted borrowings remains $40 million, with a feature under which the maximum borrowings may be expanded up to $80 million in certain circumstances. Interest paid on drawings under the facility was also increased from LIBOR plus 125 basis points to LIBOR plus 200 basis points. Wachovia Securities acted as lender, lead arranger, syndication agent and the receivables program manager for this new credit facility.
About
Five Star Quality Care, Inc. operates senior living communities, including independent living or congregate care communities, assisted living communities, and nursing facilities in the United States. The company provides independent living, assisted living, nursing and healthcare, physical therapy, occupational therapy, speech language pathology, onsite pharmacy, radiology, laboratory, telemetry, hemodialysis, and orthotics/prosthetics services. As of December 31, 2008, the company leased, owned, and operated 210 senior living communities with 22,264 living units, including 161 primarily independent and assisted living communities with 17,854 living units and 49 skilled nursing facilities with 4,410 units.
Last Trade: 1.92
Day's Range: 1.81 - 1.95
52wk Range: 0.73 - 5.15
Volume: 82,127
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