Senior Housing extends revolver, betters its pricing, term loan’s, too

By Wendy Van Sickle

Columbus, Ohio, Aug. 1 – Senior Housing Properties Trust amended its $1 billion unsecured revolving credit facility to extend its maturity and improve pricing and also improved pricing on its $200 million unsecured term loan, according to a Tuesday press release.

The revolver was extended to Jan. 15, 2022 from Jan. 15, 2018 and has a one-year extension option.

Interest was reduced to Libor plus 120 basis points and is subject to vary based on credit ratings. The facility fee was lowered to 25 bps from 30 bps.

Additionally, the revolver’s accordion feature was increased to $1 billion from $500 million.

The interest rate for the term loan was reduced to Libor plus 135 bps, subject to vary based on credit ratings.

Wells Fargo Securities, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC and RBC Capital Markets LLC acted as joint lead arrangers for the amended revolver.

Citibank, NA and Royal Bank of Canada were the co-syndication agents, and Bank of America, NA, PNC Bank, NA and Regions Bank were the co-documentation agents. Wells Fargo Bank, NA is the administrative agent.

Wells Fargo Securities and PNC Capital Markets LLC acted as joint lead arrangers for the amended term loan, with PNC as syndication agent, Mizuho Bank, Ltd. as documentation agent and Wells Fargo Bank as administrative agent.

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.