Sunrise closes $400M revolving credit line.Fairfax, Virginia-based Sunrise Assisted Living Inc. has closed a $400 million revolving credit line to be provided by a 14-bank syndicate led by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . The credit facility represents and expansion of Sunrise's previous $250 million credit line with a Bank of America-led syndicate. "The excellent access to capital we enjoy insulates us from the vicissitudes vicissitudes Noun, pl changes in circumstance or fortune [Latin vicis change] vicissitudes npl → vicisitudes fpl; peripecias fpl of the public equity market," Sunrise Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Paul Klaassen said in a prepared statement. The financing comes o the heels of an $88 million long term loan commitment from Horsham, Pennsylvania-based 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 , a Freddie Mac Seller/servicer GMAC originated mortgages on a portfolio of eight senior housing and assisted living properties. The loans were then sold to Freddie Mac in what is the agency's largest senior housing transaction to date. The eight loans are cross-collateralized and cross-defaulted and have 10-year terms with 25-year amortization periods. GMAC also originated $21 million of mortgages for two Sunrise assisted living facilities that were purchased by Aureus The aureus (pl. aurei) was a gold coin of ancient Rome valued at 25 silver denarii. The aureus was regularly issued from the 1st century BC to the beginning of the 4th century AD, when it was replaced by the solidus. Group, an investor group. |
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