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Brookdale Completes $100 Million Refinancing, Prepays Substantially All Remaining 2022 Debt Maturities

December 21, 2021

Brookdale Senior Living Inc. (NYSE: BKD) (“Brookdale” or “the Company”) announced today that it completed another significant financing transaction totaling $100 million. In addition, the Company prepaid substantially all of its remaining 2022 maturities, which will save several million dollars in annual interest expense.

On December 20, 2021, the Company obtained $100 million of mortgage debt from Capital One, National Association. CBRE Capital Markets acted as financial advisor to Brookdale in securing the loan. The debt has an initial three-year term and two one-year renewal options, exercisable subject to certain performance criteria. The debt is lower-leverage, carries a variable interest rate of 2.15% over SOFR, and is interest only for the first three years. The first priority, non-recourse mortgages were secured by 11 senior living communities, which had previously secured Fannie Mae loans of $143 million maturing in first quarter 2022.

Steven Swain, Brookdale’s Executive Vice President and Chief Financial Officer, said, “We’ve taken multiple steps in the last two quarters to enhance liquidity. We are pleased to have refinanced our first quarter 2022 maturities. In addition, by proactively prepaying substantially all remaining 2022 maturities early, we will save several million dollars of negative carry. In 2022, we expect to refinance these newly unencumbered communities with lower-leverage mortgage debt.”

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