Lehman Brothers is syndicating a $330 million deal for Brookdale Senior Living. The deal comprises a one-year, $80 million revolver and a one-year, $250 million term loan "B." Pricing on both tranches is LIBOR plus 1 1/2%. The deal hit the market last Tuesday. Citigroup, LaSalle Bank and Goldman Sachs are also involved in the transaction.
The loans will be used for general operations and to finance acquisitions. The company agreed to acquire Southern Assisted Living on Dec. 21 and the deal is expected to close by the end of the first quarter. Since its initial public offering in November, Brookdale has spent $740 million to acquire the facilities needed to accommodate 9,000 additional senior citizens. The term loan "B" will be used exclusively for acquisitions.
Based in Chicago, Brookdale has offered assisted living services for senior citizens throughout the U.S. since 1988. Calls to Brookdale and bankers were not returned.