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Extendicare disposes of 15 Florida SNFs and ALFs.

Extendicare Inc., based in Markham, Ontario, Canada, disposed of 11 nursing homes and four assisted living centers m Florida to affiliates of Greystone Tribeca Acquisition of New York for initial cash of US$30.0 million and contingent consideration of up to US$30.0 million over the next 3.5 years. Upon determination of the final consideration for each facility, Extendicare will record any resulting loss or gain on disposal.

Extendicare expects to pay down a debt of US$27.5 million under its term credit facilities, after transaction and other costs associated with completing the disposition. The facilities are located in Gainesville, Miami, Lady Lake, Brandenton, Rockledge, Ft. Lauderdale, St. Petersburg, North Miami Beach, and Ocala.
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Publication:Contemporary Long Term Care
Geographic Code:1CANA
Date:Nov 1, 2000
Words:118
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