Five Star Quality Care, Inc. Enters Into New $100 Million Credit Facility
The maturity date of the new credit facility is
|
Facility Title |
||
|
Administrative Agent | ||
Royal Bank of Canada | Syndication Agent | ||
|
Lender | ||
PNC Bank, National Association | Lender | ||
|
Lender | ||
|
Lender | ||
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER FIVE STAR USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE”, "WILL", “MAY” AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, FIVE STAR IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON FIVE STAR’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY FIVE STAR’S FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
- THE AMOUNT OF AVAILABLE BORROWINGS UNDER THE NEW CREDIT FACILITY IS SUBJECT TO FIVE STAR HAVING QUALIFIED COLLATERAL, WHICH IS PRIMARILY BASED ON THE VALUE OF THE ASSETS SECURING FIVE STAR’S OBLIGATIONS UNDER THE NEW CREDIT FACILITY. ACCORDINGLY, THE AVAILABILITY OF BORROWINGS UNDER THE NEW CREDIT FACILITY AT ANY TIME MAY BE LESS THAN
$100.0 MILLION . ADDITIONALLY, THE AVAILABILITY OF BORROWINGS UNDER THE NEW CREDIT FACILITY IS SUBJECT TO FIVE STAR SATISFYING CERTAIN FINANCIAL COVENANTS AND OTHER CUSTOMARY CONDITIONS THAT IT MAY BE UNABLE TO SATISFY. - FIVE STAR’S OPTIONS TO EXTEND THE MATURITY DATE OF THE NEW CREDIT FACILITY ARE SUBJECT TO FIVE STAR’S PAYMENT OF EXTENSION FEES AND MEETING OTHER CONDITIONS. THE APPLICABLE CONDITIONS MAY NOT BE MET.
- ACTUAL COSTS UNDER THE NEW CREDIT FACILITY WILL BE HIGHER THAN LIBOR PLUS A PREMIUM BECAUSE OF OTHER FEES AND EXPENSES ASSOCIATED WITH THE NEW CREDIT FACILITY.
- THIS PRESS RELEASE STATES THAT FIVE STAR OWNS 10 UNENCUMBERED SENIOR LIVING COMMUNITIES WITH 856 LIVING UNITS. THIS MAY IMPLY THAT FIVE STAR WILL BE ABLE TO OBTAIN ADDITIONAL FINANCING IN THE FUTURE BY USING THOSE PROPERTIES AS COLLATERAL FOR ANY SUCH FINANCING. THE AMOUNT OF ANY SUCH FINANCING THAT FIVE STAR MAY BE ABLE TO OBTAIN ON THE BASIS OF THESE PROPERTIES SERVING AS COLLATERAL WOULD LIKELY BE SUBJECT TO THE VALUE OF THOSE PROPERTIES AT THAT TIME. FIVE STAR CANNOT BE SURE THAT IT WOULD BE ABLE TO OBTAIN ADDITIONAL FINANCING IN THE FUTURE BY USING THESE PROPERTIES AS COLLATERAL OR OTHERWISE.
THE INFORMATION CONTAINED IN FIVE STAR’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER “RISK FACTORS” IN FIVE STAR’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE FIVE STAR’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE STATED IN OR IMPLIED BY FIVE STAR’S FORWARD LOOKING STATEMENTS. FIVE STAR’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, FIVE STAR DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170227005383/en/
For
Director, Investor Relations
Source:
Symbility recognized as a top performing tech stock on the 2017 TSX Venture 50
Five Star Quality Care, Inc. Fourth Quarter and Year End 2016 Conference Call Scheduled for Friday, March 3rd
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News