Aviv REIT gets $600 million revolver due 2018 at Libor plus 170-225 bps

By Susanna Moon

Chicago, May 14 - Aviv REIT, Inc. said it refinanced its credit facility with a new $600 million unsecured revolving credit facility due May 2018.

Interest on the loans ranges from Libor plus 170 basis points to 225 bps based on leverage.

The credit facility contains a one-year extension option and has an accordion that allows increasing the borrowing capacity to $800 million.

At closing, the company had no borrowings outstanding under the facility.

The facility replaces the company's $400 million secured revolving credit facility.

Bank of America, NA is the administrative agent. Bank of America Merrill Lynch, SunTrust Robinson Humphrey, Inc. and RBS Citizens NA were the joint lead arrangers. SunTrust Bank and RBS Citizens NA are the co-syndication agents. Barclays Bank plc, Credit Agricole - Corporate and Investment Bank, Goldman Sachs Bank USA, KeyBank NA and Morgan Stanley Senior Funding, Inc. are the co-documentation agents.

"This unsecured credit facility provides us with more capacity, greater flexibility and lower costs, all of which should facilitate our growth," Craig M. Bernfield, chairman and chief executive officer of Aviv, said in the press release.

Aviv is a Chicago-based real estate investment trust specializing in post-acute and long-term care skilled nursing facilities.

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