MCLEAN, Va., April 28 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today announced it has entered into a twelfth amendment to its Bank Credit Facility, which eliminates all financial covenants, except a minimum liquidity covenant, through the December 2, 2009 maturity date.
"We are very pleased that our bank group has worked with us to maintain our line through its maturity date," said Mark Ordan, Sunrise's chief executive officer. "This enables us to continue our restructuring efforts as we focus on our core business."
In addition to eliminating all financial covenants, except for a minimum liquidity test, the twelfth amendment relieves Sunrise's lenders and letter of credit issuers from advancing any additional proceeds of the loans to the borrowers, and from issuing any new letters of credit for the benefit of Sunrise or any of its subsidiaries through the maturity date.
The amendment requires Sunrise to provide the lenders with additional financial, operational and liquidity reports through the maturity date. The amendment further extends and modifies the application of certain existing negative covenants through the maturity date.
As of April 27, 2009, Sunrise had outstanding borrowings of $72.7 million under the Bank Credit Facility and outstanding letters of credit of approximately $24.5 million.
Further details concerning the twelfth amendment will be contained in a Current Report on Form 8-K to be filed by Sunrise with the U.S. Securities and Exchange Commission.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately 40,000 people. As of December 31, 2008, Sunrise operated 435 communities in the United States, Canada, Germany and the United Kingdom, with a c
|SOURCE Sunrise Senior Living, Inc.|
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