Brookdale Senior Living Inc. (NYSE: BKD) recently announced that it completed the acquisition of 12 communities in Oklahoma and Texas with a total of 421 units for an aggregate purchase price of $31.3 million. The communities had previously been operated by Brookdale under long-term leases.
Brookdale also stated that it has entered into an agreement to purchase two separate communities with a total of 108 units for an aggregate purchase price of $19.0 million. One of the communities in the $19 million acquisition is currently operated by Brookdale under a separate long-term lease. The purchase of the two communities is expected to close in the first quarter of 2011.
Brookdale additionally announced a series of debt refinancing transactions to continue to execute on its plan to deleverage its balance sheet. The announcement included new first mortgage loans with maturity dates in 2017 and used some of the proceeds from the loans to repay other debt in conjunction with cash on hand. Brookdale also extend the maturity dates for additional loans under the existing loan agreements for approximately $92 million in other debt.
"These transactions reduce our overall interest expense and further reduce our 2012 debt maturities. The transactions are also consistent with our previously announced plan to deleverage our balance sheet," said Bill Sheriff, Brookdale’s CEO.
For more detail on the refinancing transactions, visit http://phx.corporate-ir.net/phoenix.zhtml?c=193337&p=irol-newsArticle&ID=1516515&highlight=