Sunrise Signs Twelfth Amendment to Bank Credit Facility through December 2, 2009
“We are very pleased that our bank group has worked with us to maintain our line through its maturity date,” said
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.
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
Certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Sunrise believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurances that its expectations will be realized. Sunrise’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, changes in Sunrise’s anticipated cash flow and liquidity; Sunrise’s ability to maintain adequate liquidity to operate its business and execute its restructuring; Sunrise’s ability to obtain waivers, cure or reach agreements with respect to defaults under Sunrise’s loan, joint venture and construction agreements; Sunrise’s ability to negotiate a comprehensive restructuring of Sunrise’s obligations in respect of its
SOURCE Sunrise Senior Living, Inc.