Capital Senior Living Corporation Announces ILM Financing.Business Editors DALLAS--(BUSINESS WIRE)--Jan. 25, 2000 Capital Senior Living Corporation (NYSE NYSE See: New York Stock Exchange :CSU See DSU/CSU. 1. CSU - California State University. 2. CSU - Cleveland State University. 3. CSU - Channel Service Unit. ), one of the country's largest operators and developers of residential communities for senior adults, announced today that it has signed a term sheet with GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage to finance the forthcoming mergers with ILM Senior Living, Inc., and ILM II Senior Living, Inc. (the ILMs). The term sheet that has been signed with GMAC Commercial Mortgage will provide acquisition financing for the $172 million cash purchase of 13 senior housing facilities owned by the ILMs. The Company expects the acquisition financing, which is subject to certain terms and conditions, to be obtained on favorable terms. A commitment is anticipated prior to the mailing of proxies by the ILMs to their shareholders. The Company further anticipates that the ILMs' shareholders will approve the mergers and conclude the transactions in second quarter 2000. The Company has been operating the ILM communities under management agreements since 1996. ABOUT THE COMPANY Capital Senior Living Corporation is one of the nation's largest operators and developers of residential communities for senior adults. The Company's operating philosophy emphasizes a continuum of care, which integrates 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. and home care services, to provide residents the opportunity to age in place. The Company currently owns and/or operates 37 communities in 18 states with a total capacity of approximately 6,000 residents. In the communities operated by the Company, 82 percent of residents live independently and 18 percent of residents require assistance with activities of daily living. The Company's stabilized occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) is 95 percent and the average resident age is 84. The forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are subject to certain risks and uncertainties that could cause results to differ materially, including, but not without limitation to, the Company's ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic condition generally, and satisfaction of closing conditions such as those pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to licensure. These and other risks are detailed in the Company's reports filed with the Securities and Exchange Commission. Contact Veronica B. Marks, manager, Investor Relations Investor relations The process by which the corporation communicates with its investors. , at 972/770-5600 for more information. |
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