Sunrise Senior Living gets $250 million credit facility

By Sara Rosenberg

New York, Dec. 8 - Sunrise Senior Living Inc. closed on a new $250 million secured credit facility due Dec. 2, 2009, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Banc of America Securities LLC is lead arranger, bookrunner and administrative agent and Wachovia is syndication agent.

Borrowings under the facility carry an interest rate of Libor plus 170 to 225 basis points, based on the company's consolidated leverage ratio.

The facility, which closed Dec. 2, contains a $100 million accordion feature.

This new facility replaces the company's existing $200 million credit facility.

Sunrise Senior Living is a McLean, Va.-based provider of senior living services.

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