Five Star enters into new $150 million secured revolver due 2015

By Marisa Wong

Madison, Wis., April 13 - Five Star Quality Care, Inc. announced that it has entered into a new $150 million secured revolving credit facility due April 13, 2015.

The new facility is in addition to Five Star's existing $35 million secured revolver due March 18, 2013.

The company has an option to extend the new facility up to April 13, 2017.

Interest is equal to Libor plus 250 basis points.

The new facility is secured by 15 senior living communities owned by Five Star that have a total assessed value of $230 million.

Citigroup and RBC Capital Markets acted as joint lead arrangers and bookrunners. The other participating banks include: Citibank, NA as administrative agent; Royal Bank of Canada as syndication agent; CIT Bank (CIT Healthcare), Compass Bank, PNC Bank, NA and Huntington National Bank as co-documentation agents; and Comerica Bank, RBS Citizens, NA and UBS Loan Finance LLC as lenders.

Five Star is a senior living and health care services company based in Newton, Mass.

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