Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries New Senior Announces Further Capital Structure Improvement with Entry into First Revolving Credit Facility By: New Senior Investment Group Inc. via Business Wire News Releases December 18, 2018 at 18:38 PM EST New Senior Investment Group Inc. (“New Senior” or the “Company”) (NYSE:SNR) announced today that it has paid off $125 million of mortgage debt with a combination of cash on hand and the proceeds from a new revolving credit facility (the “Credit Facility”) secured by eight private pay senior housing facilities. This transaction lowers the Company’s leverage and interest expense. Susan Givens, Chief Executive Officer of the Company, said: “We are pleased to announce the entry into our first revolving credit facility, which represents a positive step in the evolution of our capital structure. The credit facility gives us flexibility to more efficiently manage our balance sheet going forward and will result in further interest rate savings.” Borrowings under the Credit Facility bear interest at LIBOR plus 2.50%. The Credit Facility matures in December 2021 with a one-year extension option, while a majority of the debt repaid was scheduled to mature in 2019 and 2020. The Credit Facility may be increased from $125 million to $300 million, subject to customary terms and conditions. The Credit Facility was arranged by KeyBanc Capital Markets, Inc. KeyBank National Association is serving as the Administrative Agent. The Credit Facility brings the total amount of the Company’s refinancing activity in the fourth quarter of 2018 to nearly $850 million, with estimated interest expense savings of approximately $14 million annually and an improvement in the Company’s weighted average debt maturity from three years to over five years. As a result of these refinancing initiatives, the Company has no significant near-term maturities with only $50 million coming due for 2019 – 2021. ABOUT NEW SENIORNew Senior Investment Group (NYSE:SNR) is a publicly-traded real estate investment trust with a diversified portfolio of senior housing properties located across the United States. As of September 30, 2018, New Senior is one of the largest owners of senior housing properties, with 133 properties across 37 states. More information about New Senior can be found at www.newseniorinv.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20181218005914/en/ Contacts: David Smith212-515-7783 Related Stocks: New Senior Investment Group Inc Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
New Senior Announces Further Capital Structure Improvement with Entry into First Revolving Credit Facility By: New Senior Investment Group Inc. via Business Wire News Releases December 18, 2018 at 18:38 PM EST New Senior Investment Group Inc. (“New Senior” or the “Company”) (NYSE:SNR) announced today that it has paid off $125 million of mortgage debt with a combination of cash on hand and the proceeds from a new revolving credit facility (the “Credit Facility”) secured by eight private pay senior housing facilities. This transaction lowers the Company’s leverage and interest expense. Susan Givens, Chief Executive Officer of the Company, said: “We are pleased to announce the entry into our first revolving credit facility, which represents a positive step in the evolution of our capital structure. The credit facility gives us flexibility to more efficiently manage our balance sheet going forward and will result in further interest rate savings.” Borrowings under the Credit Facility bear interest at LIBOR plus 2.50%. The Credit Facility matures in December 2021 with a one-year extension option, while a majority of the debt repaid was scheduled to mature in 2019 and 2020. The Credit Facility may be increased from $125 million to $300 million, subject to customary terms and conditions. The Credit Facility was arranged by KeyBanc Capital Markets, Inc. KeyBank National Association is serving as the Administrative Agent. The Credit Facility brings the total amount of the Company’s refinancing activity in the fourth quarter of 2018 to nearly $850 million, with estimated interest expense savings of approximately $14 million annually and an improvement in the Company’s weighted average debt maturity from three years to over five years. As a result of these refinancing initiatives, the Company has no significant near-term maturities with only $50 million coming due for 2019 – 2021. ABOUT NEW SENIORNew Senior Investment Group (NYSE:SNR) is a publicly-traded real estate investment trust with a diversified portfolio of senior housing properties located across the United States. As of September 30, 2018, New Senior is one of the largest owners of senior housing properties, with 133 properties across 37 states. More information about New Senior can be found at www.newseniorinv.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20181218005914/en/ Contacts: David Smith212-515-7783 Related Stocks: New Senior Investment Group Inc
