Healthcare Trust of America amends loan to lift size to $575 million

By Jennifer Chiou

New York, May 16 - Healthcare Trust of America Inc. entered into an amendment to its credit agreement with JPMorgan Chase Bank, NA as administrative agent, raising its unsecured credit facility to $575 million from $275 million, according to an 8-K filed with the Securities and Exchange Commission.

The transaction closed on Friday, and participants included Wells Fargo Bank, NA, Deutsche Bank Securities Inc., U.S. Bank NA, Capital One, NA, Regions Bank, Compass Bank, the Bank of Nova Scotia, Fifth Third Bank, Union Bank, NA and Sumitomo Mitsui Banking Corp, the company said in a news release.

The changes also prolonged the maturity date to May 13, 2014 from Nov., 22, 2013, with a one-year extension option. There is an aggregate extension fee equal to 25 basis points.

The amendment further clarifies the definition of restricted payment with respect to dividends paid with stock, restates the secured leverage ratio so that the ratio of secured indebtedness to total asset value as of the last day of any period of four consecutive fiscal quarters may not exceed 40% and removes the requirement that unencumbered asset value not be less than 150% of total commitments.

Pricing on the revolver can range from Libor plus 250 basis points to 350 bps based on leverage.

Healthcare Trust of America is a Scottsdale, Ariz.-based real estate investment trust that focuses on medical offices and health care-related assets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.