SONIDA SENIOR LIVING INC
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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Sep 30, 2024 · Filed Nov 13, 2024
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Subsequent Events Note 15 Su
- Subsequent Events
Palm Acquisition
The Company finalized the Palm Acquisition on October 1, 2024.
On October 3, 2024, the Company closed on an additional $75.0 million commitment under the Credit Facility. The incremental $75.0 million availability results in a total aggregate commitment under the Credit Facility of up to $150.0 million. In addition to thetwo existing senior living communities, theeight Palm Communities secure the obligations under the Credit Facility.
On October 30, 2024, the Company drew down $60.0 million under the Credit Facility in anticipation of the closing of the Atlanta PSA (as defined below), the Texas DPO (as defined below) and liquidity for general corporate purposes.
Texas DPO
On November 1, 2024, the Company exercised its option to make a discounted payoff (“Texas DPO”) of the outstanding loan principal for two communities located in Texas. The Texas DPOamount of $18.3 million represents a discount of 36% on the total principal outstanding of $28.4 million (as of November 1, 2024).
Atlanta Acquisition
On October 2, 2024, the Company signed a purchase and sale agreement (“Atlanta PSA”) to acquiretwo senior living communities in the Atlanta, GA market for $29.0 million. On November 1, 2024, the Company finalized the acquisition of thesetwo senior living communities.
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