Five Star enters into new $100 million secured revolver maturing 2020

By Tali Rackner

Norfolk, Va., Feb. 27 – Five Star Quality Care, Inc. entered into a new $100 million secured revolving credit facility with Citibank, NA as administrative agent, according to a press release.

The revolver replaces a previously existing facility that was scheduled to mature on April 17, 2017 and has substantially the same terms.

The new facility matures on Feb. 24, 2020 and includes two one-year extension options.

Interest is equal to Libor plus 250 basis points.

The new facility is secured by real estate mortgages on 10 senior living communities owned by Five Star that have a total assessed value of about $212 million. The company also owns an additional 10 unencumbered senior living communities.

Citigroup Global Markets Inc. and RBC Capital Markets LLC acted as the joint lead arrangers and bookrunners for the new facility.

Based in Newton, Mass., Five Star operates senior living communities.

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