American Retirement Completes New Financing.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--March 4, 2004 American Retirement Corporation (NYSE NYSE See: New York Stock Exchange :ACR See riser card. ), a leading national provider of senior living housing and care, announced today the closing on new mortgage debt on four of its assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. communities. The new mortgage debt, which replaces $38.6 of mortgage debt that was to mature on April 2005, is for a total of $43.1 million. A loan of $38.4 million with a term of seven years is secured by three assisted living communities and a second loan for $4.7 million for two years is secured by the fourth assisted living community. The $38.4 million mortgage debt carries a variable rate with a 5% floor and the $4.7 million carries a variable rate with a floor of 6.5%. Both loans replace a loan with a variable rate with a 6.75% floor. Additionally, the Company sold a parcel of land in Texas and paid off $4.7 million of debt in February. COMPANY PROFILE American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors. Established in 1978, the Company believes that it is a leader in the management of senior living communities, including independent living communities, continuing care continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement communities, free-standing assisted living communities, and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. care programs for residents with Alzheimer's and other forms of dementia dementia (dĭmĕn`shə) [Lat.,=being out of the mind], progressive deterioration of intellectual faculties resulting in apathy, confusion, and stupor. In the 17th cent. . The Company currently operates 66 senior living communities in 14 states, with an aggregate unit capacity of approximately 13,000 and resident capacity of approximately 14,600. |
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