restricted for use by the Company's self-insurance program and another
approximately $40 million was restricted for other purposes. The
Company had approximately $250 million in debt outstanding at year-end.
-- There were $100 million in borrowings and $71.7 million in letters of
credit outstanding under the Company's bank credit facility. On
December 31, 2007, the Company had capacity to borrow up to an
additional $78.3 million under this facility.
-- As disclosed previously, on January 31, 2008, the Company amended its
$250 million bank credit facility to waive and modify certain delivery
dates for its financial statements. In addition, effective February
20, 2008, the amount available for borrowing under the bank credit
facility was reduced to $160 million until the Company furnishes the
lender with 2006 and 2007 audited financial statements.
-- On February 20, 2008, Sunrise Senior Living Insurance, Inc., Sunrise's
wholly owned insurance captive, directly issued $43.3 million of
letters of credit that had previously been issued under the bank credit
-- As of February 29, 2008, the Company had borrowings of $108 million,
letters of credit of $28.4 million and borrowing availability of
approximately $23.6 million under the bank credit facility. The
Company believes this availability, unrestricted cash balances, and
unlevered real estate assets is sufficient to support the Company's
operations over the next twelve months.
-- Sunrise currently estimates that the cumulative impact of the
previously disclosed restatement issues will reduce net income for all
periods impacted, including 1996 through 2005, by approximately $140
million, excluding the impact of the stock option adjustments
|SOURCE Sunrise Senior Living, Inc.|
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