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Featured Company News – Brookdale Senior Living Completes Financing Transaction

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LONDON, UK / ACCESSWIRE / September 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Brookdale Senior Living Inc. (NYSE: BKD) ("Brookdale"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BKD. The Company announced on August 31, 2017, that it entered into a credit facility with Jones Lang LaSalle Multifamily LLC for providing $975.0 million in loans pursuant to Fannie Mae's DUS Program. For immediate access to our complimentary reports, including today's coverage, register for free now at:


Discover more of our free reports coverage from other companies within the Long-Term Care Facilities industry. Pro-TD has currently selected National HealthCare Corporation (NYSE American: NHC) for due-diligence and potential coverage as the Company announced on August 04, 2017, its financial results for Q2. Tune in to our site to register for a free membership, and be among the early birds that get our report on National HealthCare when we publish it.

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Refinanced Outstanding Mortgage Debt

Through this new credit arrangement, Brookdale refinanced its outstanding mortgage debt of $618.9 million. This includes a debt of around $389.9 million which was scheduled to mature in 2018.

Plan to Repay Brookdale's Largest Outstanding 2018 Maturity

Lucinda M. Baier, Chief Financial Officer (CFO) at Brookdale, expressed her pleasure on the progress that the Company has achieved on its plan to refinance 2018 maturities and create liquidity. She shared that Brookdale intends to repay its largest remaining outstanding 2018 maturity, i.e. convertible senior notes of $316.3 million, leveraging its existing cash on hand. The refinancing activities undertaken by the Company in 2017 had improved its risk profile by extending majority of the 2018 maturities. At the same time, it also enhanced the liquidity and provided flexibility.

Andy Smith, President and Chief Executive Officer (CEO) at Brookdale, highlighted on August 08, 2017, that the Company is determined to improve its financial position by increasing its liquidity and executing its plan to refinance its near-term debt maturities.

Interest Rates and Other Conditions

  • Brookdale's loans have been secured by first mortgages on 51 communities.
  • Approximately 60% of the principal amount would be charged interest at a fixed rate. Half of this amount would bear an interest rate of 4.43%, with maturity in 2024. While the other half would bear an interest rate of 4.47%, with maturity in 2027.
  • However, the remaining 40% of the principal amount would bear interest at a variable rate, which is equivalent to the 30-day LIBOR plus a margin of 241.5 basis points. This would mature in 2027.
  • Moreover, the credit facility includes various "borrow-up" and substitution provisions. It also incorporates the flexibility for expansion of, as well as, reposition of services provided at the mortgaged properties.

Brookdale Announced Second Quarter 2017 Results

Brookdale announced its financial results on August 08, 2017, for second quarter ending June 30, 2017. The key highlights are:

  • Brookdale generated total revenue of $1.19 billion for Q2 2017, much lower compared to $1.26 billion for the prior year's corresponding period.
  • The Company reported a net loss of $46.3 million for the second quarter of this year compared to the net loss of $35.5 million for the second quarter of 2016.
  • Adjusted EBITDA decreased to $160.3 million for this quarter compared to $201.5 million for the same period of last year.
  • However, net cash provided by operating activities reached $133.1 million for the second quarter; an increase of 23.8% from the second quarter of 2016. Also, its liquidity position increased by over $100.0 million from the first quarter of 2017.
  • On the other hand, adjusted free cash flow for this period was $40.0 million; a decrease of $4.9 million from the second quarter of 2016.

The loss can be attributed to the challenging macro-environment with a large number of new competitive openings across markets. Brookdale plans to defend as well as strengthen its market position through its segmentation initiatives, more sophisticated pricing tools, as well as workforce enhancement by undertaking improved training and development activities.

About Brookdale Senior Living Inc.

Brookdale is a prominent operator of senior living communities throughout the United States. It offers senior living solutions mainly in properties, which are designed, purpose-built, and operated to provide the highest-quality service, care, and living accommodations for residents. The Company manages independent living, assisted living, and dementia-care communities and continuing care retirement centers. It controlled nearly 1,039 communities in 46 states with the ability to serve around 102,000 residents, as on June 30, 2017. In fact, Brookdale also offers a gamut of outpatient therapy, home health, and hospice services through its renowned ancillary services program.

Last Close Stock Review

At the close of trading session on Friday, September 01, 2017, Brookdale Senior Living's stock price marginally declined 0.66% to end the day at $12.05. A total volume of 1.58 million shares were exchanged during the session. At Friday's closing price, the stock's net capitalization stands at $2.24 billion.

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SOURCE: Pro-Trader Daily