Senior Housing Properties amends loan to increase size, extend maturity, lower rates

By Sara Rosenberg

New York, July 29 - Senior Housing Properties Trust amended its revolving credit facility, increasing the size to $550 million from $250 million, extending the maturity to Nov. 30, 2009 from Nov. 30 and reducing the interest rate to Libor plus 100 basis points from Libor plus 145 bps, according to a company news release.

Furthermore, the amended facility has a one-year extension option and a $550 million accordion feature.

The interest rate is based on a grid determined by leverage and credit ratings.

Wachovia Securities acted as sole lead arranger on the deal. With the increase in size, the syndicate was increased to 19 institutions from eight, with Wachovia administrative agent, ING Real Estate Finance and Citizens Bank of Massachusetts co-syndication agents, Royal Bank of Canada and Calyon co-documentation agents and UBS Loan Finance LLC, TD Banknorth and Bank of Montreal managing agents.

Senior Housing Properties Trust is a Newton, Mass.-based real estate investment trust focused on senior living properties.

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