Business
Invesque Inc. Announces Completion of Final Phase of New Framework with Symphony Care Network
Invesque Inc. Announces Completion of Final Phase of New Framework with Symphony Care Net...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Inc. Announces Completion of Final Phase of New Framework with Symphony Care Network\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Final Phase Included Sale of Additional Skilled Nursing Facilities and Execution of Amended\n \n and Restated Master Lease for Remaining Properties\n \n \n \n \n TORONTO\n \n ,\n \n June 2, 2021\n \n /CNW/ - Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the \"Company\" or \"Invesque\") today announced the completion of the final phase of transactions associated with the previously disclosed memorandum of understanding (\"MOU\") to streamline the Company's relationship with Symphony Care Network (\"SymCare\").\n \n \n As previously announced, Invesque and SymCare executed the non-binding MOU in the fourth quarter of 2020. At the time of execution of the MOU and as of\n \n March 31, 2021\n \n , SymCare operated 16 facilities for the Company under an absolute net lease structure.\n \n \n Under the terms of the MOU, the Company agreed to sell to SymCare, and/or transition to a new tenant, approximately 50% of Invesque's existing assets operated by SymCare. The MOU also set forth an agreement between Invesque and SymCare to enter into an amended and restated 15-year absolute net master lease with enhanced lease coverage for the remaining properties which would continue to be operated by SymCare, and an agreement to restructure the outstanding loan agreements between SymCare and Invesque (collectively, the \"Transaction\").\n \n \n \n Recap of Initial Phase of the Transaction\n \n \n \n As previously disclosed in the Company's first quarter 2021 earnings release, dated\n \n May 12, 2021\n \n , the Company successfully completed the initial phase of the Transaction on\n \n April 30\n \n , 2021.\n \n \n Under the initial phase of the Transaction, Invesque sold the Symphony of Chesterton facility to SymCare for\n \n US$20.0 million\n \n , netting the Company approximately\n \n US$5.5 million\n \n in net cash proceeds.\n \n \n The Company also transitioned fou...