Physicians Realty Trust amends, increases revolver to $850 million

By Tali Rackner

Norfolk, Va., June 13 – Physicians Realty Trust entered into an amended and restated credit agreement on Friday with KeyBank, NA as administrative agent to increase the maximum principal amount available under an unsecured revolving credit facility to $850 million from $750 million, according to a press release.

KeyBanc Capital Markets Inc., BMO Capital Markets Corp. and Citizens Bank, NA are joint lead arrangers and bookrunners; and BMO Capital Markets and Citizens Bank are also co-syndication agents.

The agreement also contains a seven-year term loan feature allowing operating partnership Physicians Realty LP to borrow in a single drawing before July 11 up to $250 million, resulting in a current borrowing capacity of $1.1 billion.

There is also a $500 million accordion feature that increases the maximum borrowing capacity to $1.6 billion.

The credit agreement matures Sept. 18, 2020 and may be extended by two additional six-month periods.

Borrowings bear interest at Libor plus 85 basis points to 155 bps under the revolver and Libor plus 140 bps to 225 bps for the term loan facility, in each case, determined based on the borrower’s credit rating.

Current interest for the revolver is Libor plus 120 bps and for the term loan is Libor plus 180 bps.

Milwaukee-based Physicians Realty is a self-managed health care real estate investment trust.

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