Five Star Quality Care, Inc. Extends Existing $35 Million Credit Facility to
NEWTON, Mass. -- March 18, 2013
Five Star Quality Care, Inc. (NYSE: FVE) 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.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES
LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON FVE’S PRESENT BELIEFS
AND EXPECTATIONS, BUT THESE FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO
OCCUR. FOR EXAMPLE, ACTUAL COSTS UNDER, AND THE CONTINUED AVAILABILITY OF
BORROWINGS UNDER THE FACILITY ARE SUBJECT TO OTHER FEES AND EXPENSES
ASSOCIATED WITH THE FACILITY AND FVE'S SATISFYING CERTAIN FINANCIAL COVENANTS
AND MEETING OTHER CUSTOMARY CONDITIONS. FOR THESE REASONS, AMONG OTHERS,
INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING
Five Star Quality Care, Inc.
Timothy A. Bonang, Vice President, Investor Relations
Elisabeth A. Heiss, Manager, Investor Relations
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