October 22, 2005
CORRECTED – Beverly Enterprises says buyer commits to debt terms
...please read in last paragraph ...a letter of credit for
A corrected repetition follows.NEW YORK (Reuters) - Nursing home operator Beverly
Enterprises Inc. said on Friday it had received debt commitment
letters and a solvency opinion from North American Senior Care
Inc (NASC), which had agreed to buy it in August.
Beverly said that NASC provided it with letters of
commitment for the debt portion of their deal totaling $1.875
billion and a solvency opinion from an investment bank as part
of their merger agreement.
NASC, which agreed to buy Beverly for $1.65 billion, must
also fulfill the balance of its financing commitments,
including an equity commitment of $350 million and a letter of
credit for $50 million by November 18, Beverly said.