Senior Housing adds $200 million term loan, taps revolver’s accordion

By Wendy Van Sickle

Columbus, Ohio, Sept. 29 – Senior Housing Properties Trust closed on a new $200 million seven-year unsecured term loan and partially exercised the accordion feature under its unsecured revolving credit facility agreement, according to a Tuesday press release.

Senior Housing increased commitments under its revolver to $1 billion from $750 million.

The term loan matures on Sept. 28, 2022. The interest rate on the term loan will be at Libor plus 180 basis points and is subject to adjustment based on Senior Housing’s credit ratings.

The term loan has a $400 million accordion feature.

Senior Housing said it used proceeds of the term loan to repay borrowings under its revolver.

Wells Fargo Securities, LLC and PNC Capital Markets LLC acted as joint lead arrangers and bookrunners; Wells Fargo Bank, NA as administrative agent; PNC Bank, NA as syndication agent; and Mizuho Bank (USA) as documentation agent.

Aside from its increase in commitments, all other terms under the revolving credit facility remain unchanged, the company said.

Based in Newton, Mass., the real estate investment trust owns senior living communities, medical office buildings and wellness centers throughout the United States.

© 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.