Five Star Senior Living Inc. announced that on June 11, 2019, the Board appointed its Independent Directors, Mr. Gans and Mses. Barbara D. Gilmore and
Donna D. Fraiche, to each serve on the Audit Committee, Compensation Committee, Nominating and Governance Committee and Quality of Care Committee and one of its Managing Directors, Mr. Gerard M. Martin, to serve on the Quality of Care Committee, with Ms. Gilmore appointed Chair of the Audit Committee, Mr. Gans appointed Chair of the Compensation Committee and Chair of the Quality of Care Committee and Ms. Fraiche appointed Chair of the Nominating and Governance Committee. The Independent Directors selected Ms. Fraiche to serve as the Lead Independent Director. The Board also appointed Mr. Adam D. Portnoy to serve as Chair of the Board.

The company announced it has reached agreement on a new $65 million senior secured credit facility. The maturity date of the facility is June 12, 2021, which can be extended for a one-year period subject to certain conditions, including the payment of an extension fee. The facility permits Five Star to elect Eurodollar rate advances, which accrue interest at LIBOR plus 250 basis points, or base rate advances, which accrue interest at a base rate plus 150 basis points. In addition, in certain circumstances, maximum commitments and borrowings under the facility may be increased to up to $165 million. Citibank, N.A., and RBC Capital Markets are the Joint Lead Arrangers and Joint Lead Bookrunners for the credit facility.