AlerisLife (Formerly Known as Five-star Older Life style) Closes $95 Billion Label Loan

AlerisLife (Formerly Known as Five-star Older Life style) Closes $95 Billion Label Loan
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NEWTON, Size.–( Company Cable )–AlerisLife (Nasdaq: ALR), previously known as Five star Senior Way of living, now announced it enjoys finalized an excellent $95 mil senior secure term financing that have Midcap Funding VIII Trust (“MidCap”), since the administrative agent and you can bank, at which $63 mil is currently a fantastic. The remainder financing proceeds is actually susceptible to a beneficial $several billion capital improvements holdback and you may $20 million will get readily available up on achieving particular monetary thresholds because of the mid-2023. The new readiness date of your this new financing is actually and comes with several, one year extensions on AlerisLife’s solution, to give the brand new readiness go out thanks to , as the applicable, subject to this new completion away from particular financial thresholds.
The fresh loan requires attract is repaid into an excellent borrowings in the Label SOFR (at the mercy of a minimum foot price off fifty basis situations) and additionally approximately 450 foundation items. Continue Reading