FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Citigroup, RBC Arrange $100MM Revolver for Five Star Quality Care

February 27, 2017, 07:10 AM

Five Star Quality Care, Inc. announced that it has entered into a new $100 million secured revolving credit facility, with terms substantially the same as its previously existing facility that was scheduled to mature on April 17, 2017. The new credit facility replaced that prior facility.

The maturity date of the new credit facility is February 24, 2020 and includes two, one year extension options which can be executed by Five Star to extend the facility through February 24, 2022. The new credit facility requires interest to be paid on outstanding borrowings at LIBOR plus a spread of 250 basis points. The new credit facility is secured by real estate mortgages on 10 senior living communities with 1,219 living units owned by Five Star with a total appraised value of approximately $212 million. Five Star also owns an additional 10 unencumbered senior living communities with 856 living units.

Citigroup Global Markets Inc. and RBC Capital Markets acted as the Joint Lead Arrangers and Joint Bookrunners for the new credit facility. Citibank, N.A. acted as Administrative Agent; Royal Bank of Canada served as Syndication Agent; and lenders included Compass Bank; PNC Bank, National Association; Citizens Bank, N.A.; and UBS AG Stamford Branch           

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.