The sale of the 113-unit independent senior living facility in Kenner was part of NHI’s $491 million acquisition of 25 facilities in 12 states from Oregon-based Holiday Retirement. According to NHI, the 25 facilities have 2,841 living units and an average occupancy rate of 89 percent. The deal closed on Dec. 23.
NHI used proceeds from a $282 million public offering in November to fund the acquisition. The debt used by NHI provides for interest of 175 basis points over LIBOR and matures in June 2018, which is a reduction from the previously disclosed pricing of 225 basis points over LIBOR. Wells Fargo Bank, BMO Capital Markets, Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and KeyBank National Association served as arrangers and agents to amend the existing credit facility and expand the syndicate of banks to provide the new term loan.