American Retirement Corporation Closes Mortgage Debt Transaction.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--May 17, 2002 American Retirement Corporation (NYSE NYSE See: New York Stock Exchange :ACR See riser card. ) today announced the closing on new mortgage debt on three of its large retirement communities with GE Capital Healthcare Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . The new mortgage debt, which replaces mortgage debt that was to mature on December 2002, is for three years with two additional one-year options available. The $95.7 million mortgage debt, that includes a fixed and a variable rate component, is secured by three of American Retirement's communities in Ft. Worth, Austin and Denver. "This transaction is a major step towards completing our Refinancing Plan to address our maturing obligations," said Bill Sheriff, Chairman and Chief Executive Officer of the Company. "GE Capital Healthcare Financial Services has been an important lender for the Company and we are pleased to continue that relationship." About American Retirement Corporation American Retirement Corporation offers a broad range of care and services to seniors, including independent living, 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. , skilled nursing and Alzheimer's care. The Company currently operates 65 senior living communities in 14 states with an aggregate capacity for approximately 14,300 residents. The Company's strategy is to develop senior living networks in major metropolitan regions. These networks are comprised of large 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 and free-standing assisted living residences located in the same markets. About GE Capital Healthcare Financial Services GE Capital Healthcare Financial Services is the premier provider of capital, financial solutions and related services for the global healthcare market. With $9 billion in assets, GE Capital Healthcare Financial Services offers a full range of financing capabilities from equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
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