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Internext Group merger completed.

The merger of California Lutheran Homes and Community Services, FACT Retirement Services, and Pacific Homes Corporation to form The Internext Group has been completed. The consolidation makes The Internext Group the largest not-for-profit retirement housing and services provider in Southern California, with more than $100 million in revenues.

Concurrent with the merger, The Internext Group issued $209.5 million in certificates of participation. Proceeds will refund all existing debt and provide about $38 million for capital renovations.

The Internext Group, which will be based in Burbank, California, includes 13 communities with a total of 2,963 independent, assisted living, and skilled nursing accommodations.
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Publication:Contemporary Long Term Care
Date:Jun 1, 1999
Words:103
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