ARC gets $200M in new financing.Nashville-based American Retirement Corporation, a provider of senior living and health care services, has arranged $200 million in financing to fund its growth. The first part of the financing package is a $75 million commitment for a 3-year revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility from Bank United as agent and SouthTrust Bank of Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). as co-agent Co-agent An institution appointed by the issuer as co-transfer agent accepts and transfers certificates and sends daily activity journals to the primary record-keeping agent. . Another $75 million is to be syndicated. The line of credit will fund development, acquisitions, or expansions of senior living communities. Secondly, Health Care REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). Inc. has committed $50 million for developing and acquiring ALFs and CCRCs. American Retirement currently operates 46 senior living communities in 16 states with capacity for about 12,900 residents. It is developing or constructing 29 communities and expanding 9 existing communities, for an aggregate additional capacity of about 3,500 residents. |
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