Simpson Thacher Represents J.P. Morgan in Manor Care Financing Transaction
04.12.11
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Simpson Thacher represented J.P. Morgan, as administrative agent and co-lead arranger, in connection with $575 million of senior secured credit facilities for HCR Healthcare, LLC, a subsidiary of HCR ManorCare, Inc. (“Manor Care”). Proceeds from the loans were used to refinance the borrower’s existing credit facilities in connection with the sale by Manor Care of its real estate assets to HCP, Inc., a real estate investment trust, for total cash consideration of $6.1 billion.
A Carlyle portfolio company, Manor Care, which will continue to operate the properties under a long-term triple-net master lease, provides short- and long-term medical and rehabilitation care through a nationwide network of skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics and hospice and home healthcare agencies.
The Simpson Thacher team included William Sheehan and Brandon Messina (Banking and Credit); Mardi Merjian (Real Estate); Sean Austin (Tax); Susan Kaufman (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Keren Siman-Tov (Intellectual Property); Jonathan Pall (UCC); and paralegals Alan Stein and Alexander Schned.