Brookdale Senior Living has added $30 million to its credit facility, bringing the total commitment to $230 million.
GE Capital, Healthcare Financial Services, acts as administrative agent, and Royal Bank of Canada, Bank of America, Mubadala GE Capital and PNC Bank now participate as lenders under the line of credit.
"We are pleased that RBC and PNC have recently joined with the other lenders in our Line of Credit and that these five strong financial institutions have shown their support of Brookdale. This expansion of the credit line furthers our strategy of using positive cash flow to delever the Company's balance sheet while simultaneously creating financial flexibility to pursue opportunities as they arise."
Brookdale (Ticker: BKD) yesterday reported fourth quarter and year-end financial results that bested 2009 thanks to better occupancy, rental rates, and expanded capacity. The stock is up more than 8 percent in early trading Thursday.