Brookdale latest to amend debt deals

Skilled nursing provider adds $120M option, lowers rate by 1.25%

Brookdale Senior Living has become the latest Nashville-area company to rework its main debt agreements after striking a deal with GE Capital to expand and lower the price of its revolving credit line.

The new agreement extended the maturity date of the facility to March 2018 from January 2016 and gives Brentwood-based Brookdale the option to borrow up to $350 million, up from $230 million now. More immediately, the amendment lowers Brookdale’s interest rate on advances by 125 basis points to a range of 3.25 percent to 4.25 percent. On top of that, the company’s fee on the unused portion of the line has been cut in half to 0.5 percent.

At the end of 2012, Brookdale had drawn $80 million in its revolver, which is secured by mortgages on some of its communities. In total, the company has about $2.7 billion in debt versus a little more than $1 billion in equity.

Shares of Brookdale (Ticker: BKD) were up about 1 percent to about $27 in Thursday afternoon trading. Year to date, they’re up about 6 percent.