NASHVILLE, Tenn., Feb. 24, 2011 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) announced today that the Company has entered into an agreement to increase the commitment under its credit facility from $200 million to $230 million. GE Capital, Healthcare Financial Services, acts as administrative agent, and Royal Bank of Canada, Bank of America, Mubadala GE Capital and PNC Bank now participate as lenders under the line of credit.
Bill Sheriff, Brookdale's CEO, commented, "We are pleased that RBC and PNC have recently joined with the other lenders in our Line of Credit and that these five strong financial institutions have shown their support of Brookdale. This expansion of the credit line furthers our strategy of using positive cash flow to delever the Company's balance sheet while simultaneously creating financial flexibility to pursue opportunities as they arise."
Brookdale Senior Living Inc. is a leading owner and operator of senior living communities throughout the United States. The Company is committed to providing an exceptional living experience through properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Currently the Company owns and operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 560 communities in 34 states and the ability to serve over 51,000 residents. For more information regarding Brookdale and to be added to our email distribution list, please visit www.brookdaleliving.com.
About GE Capital, Healthcare Financial Services
With over $17 billion invested in more than 30 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with more than 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
About Royal Bank of Canada
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada's largest bank as measured by assets and market capitalization, and among the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 78,000 full- and part-time employees who serve close to 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries. For more information, please visit rbc.com.
About PNC Financial Services Group, Inc.
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.
About Mubadala GE Capital
Mubadala GE Capital PJSC is a specialized commercial finance company based in the United Arab Emirates, which offers financing solutions to help businesses grow in rapidly evolving economic environments. It is a joint venture between Mubadala Development Company PJSC (Mubadala) and GE Capital Corporation headquartered in Abu Dhabi and licensed by the UAE Central Bank since January 2010. Products offered by the company include commercial lending and leasing financing solutions, and select equity investments. The financed sectors are based on regional development needs of the Middle East & Africa and where both Mubadala and GE has deep domain industry experience. These include power & water, oil & gas, healthcare, industry & manufacturing, transportation, aerospace and infrastructure. For further information about Mubadala GE Capital PJSC, please visit: www.mubadala-ge.com.
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements relating to our plans to deleverage. Words such as "expect(s)" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. We can give no assurance that our expectations will be attained. Factors that could cause actual results to differ materially from our expectations include, but are not limited to, the risk associated with the current global economic crisis and its impact upon capital markets and liquidity, the risk that we may not be able to extend (or refinance) debt as it matures, the possibilities that changes in the capital markets, including changes in interest rates and/or credit spreads, or other factors could make financing more expensive or unavailable to us, our ability to obtain additional capital on terms acceptable to us, and the other risks detailed from time to time in our filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE Brookdale Senior Living Inc.