Assisted 4 Living amends credit agreement with Gemino Healthcare

Chicago, Oct. 7 – Assisted 4 Living, Inc. amended for the second time the now $25 million credit facility with Gemino Healthcare Finance, LLC on Sept. 30 that was originally signed with subsidiary Trillium Healthcare Group, LLC as borrower and amended once before on April 30, 2020, according to an 8-K filing with the Securities and Exchange Commission.

The first amendment released seven entities from their obligations under the facility.

It also raised the interest rate to Libor plus 595 basis points.

The monthly collateral monitoring fee was increased to 150 bps.

The size of the revolver was lowered to $7 million from $10 million.

Additionally, the amendment waives the borrower’s failure to comply with the fixed charge coverage ratio for the fiscal quarters ending Sept. 30, 2019, Dec. 31, 2019 and March 31, 2020.

For the second amendment, Trillium and its four principal individuals were released from their obligations and Assisted 4 Living was added as a guarantor.

The term had been extended to Sept. 29, 2023.

The interest rate was reduced to Libor plus 390 bps to 450 bps, depending on the outstanding balance from the previous three months, with a decreased rate for increased borrowings.

The collateral monitoring fee was reduced to 100 bps from 150 bps.

The unused line fee was reduced to 50 bps from 75 bps.

And, the maximum amount that could be borrowed was raised to $25 million.

Assisted 4 Living is based in Bradenton, Fla. The company provides rehabilitation, skilled nursing care, assisted living and independent living programs.

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