Brookdale Senior Living Inc. (NYSE: BKD) announced today that the Company has completed two mortgage debt refinancing transactions in the aggregate principal amount of $219.0 million. The Company obtained a $181.0 million first mortgage loan from Prudential Mortgage Capital Company. The loan has a seven year term and bears interest at a fixed rate. Additionally, the Company obtained a $38.0 million first mortgage loan from GE Capital, Healthcare Financial Services. The loan has a five year term and bears interest at a variable rate. The initial blended interest rate of the loans is 5.96%. The proceeds of the loans were used to repay existing debt that was scheduled to mature in 2011 and 2012.
Bill Sheriff, Brookdale's CEO, commented, "We have now addressed all of the Company's 2011 debt maturities and a significant portion of the Company's 2012 maturities. We expect to continue to make progress on extending and laddering our mortgage debt maturity schedule."
After completion of the two refinancing transactions, the Company currently has no mortgage debt maturities before 2012 that do not contain contractual extension options (other than periodic, scheduled principal payments). Since the beginning of the year, the Company has refinanced or repaid approximately $414 million of mortgage debt that was scheduled to mature in 2010, 2011 and 2012.