EPR Properties enters up to $440 million revolver with KeyBank

By Jennifer Chiou

New York, July 29 - EPR Properties and certain subsidiaries entered into on July 23 an amendment to its revolving credit facility with KeyBank NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

JP Morgan Chase Bank, NA and RBC Capital Markets acted as co-syndication agents with KeyBanc Capital Markets, LLC, J.P. Morgan Securities, Inc. and RBC Capital Markets as joint lead arrangers and joint bookrunners.

The facility provides for up to $440 million of borrowings, including a $100 million subline for letters of credit.

The filing noted that there is an accordion under which the facility may be increased to a total of $600 million.

The new revolver replaces the company's prior $400 million facility. It matures on July 23, 2017 and has a one-year extension option.

Upon closing, EPR elected an initial interest rate of Libor plus 140 basis points, which is a reduction from the 160 bps spread that would have applied under the prior facility.

Borrowings will bear interest in a range of Libor plus 100 bps to 175 bps.

Proceeds were used to repay the existing loan and will also be applied to general business purposes.

The real estate investment trust for entertainment properties is based in Kansas City, Mo.

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