Assisted Living plans new facility with spin-off from Extendicare

By Sara Rosenberg

New York, June 15 - Assisted Living Concepts Inc. plans on getting a new credit facility prior to its spin-off from Extendicare Inc., according to a 10-12B recently filed with the Securities and Exchange Commission.

The credit facility will be used future to fund operations, anticipated capital expenditures and required payments of principal and interest on its debt post-separation.

Following the spin-off, Assisted Living will be a separate, publicly-traded company that will hold substantially all of the assisted living business currently operated by Extendicare and its subsidiaries.

Extendicare is a Markham, Ont.-based provider of long-term care and related services.

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