Sunrise Senior Living to use existing loan for Greystone acquisition

By Sara Rosenberg

New York, May 2 - Sunrise Senior Living Inc. plans to use borrowings under its existing credit facility along with cash on hand to finance the acquisition of Greystone Communities Inc. and certain of its subsidiaries and affiliated entities, according to a company news release.

Under the acquisition agreement, Sunrise will buy Greystone for about $45 million plus about $1 million in transaction costs. Sunrise also will pay an additional $7.5 million if Greystone meets performance milestones in 2005, 2006 and 2007 for a total potential purchase price of $52.5 million, plus transaction costs.

The transaction is expected to close before June 30.

Sunrise Senior Living is a McLean, Va.-based provider of senior living services. Greystone is an Irving, Texas-based developer and manager of continuing care retirement communities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.