Global Medical REIT exercises $100 million portion of its accordion

By Taylor Fox

Chicago, July 28 – Global Medical REIT Inc. exercised $100 million of its accordion under its credit facility, according to a news release.

With the closing of the accordion, the total borrowing capacity under its credit facility was increased to $600 million.

Upon exercise of the accordion, the credit facility consisted of a $250 million capacity revolver and a $350 million term loan, with a $50 million accordion remaining.

On July 27, Global Medical also entered into a $50 million interest rate swap with a maturity of Aug. 8, 2023, which effectively fixed the Libor component on the corresponding term loan balance at 15.8%. The interest rate swap, combined with the company’s previous interest rate swaps, effectively fix the Libor component of the entire term loan balance on a weighted average basis at 1.91%.

JPMorgan Chase Bank, NA; People’s United Bank, NA and Associated Bank, NA were added as lenders under the credit facility.

Global Medical also announced it completed the purchase of a medical office building in Fairfax, Va., on July 17 for a purchase price of $17.6 million, bringing its overall portfolio size to over $1 billion.

Global Medical is a Bethesda, Md.-based owner and lessor of health care facilities.

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