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Diversified Healthcare reduces revolver to $700 million; rate increases 15 bps
By Wendy Van Sickle
Columbus, Ohio, Feb. 23 – Diversified Healthcare Trust amended its revolving credit facility and extended its maturity date to January 2024, according to a news release.
The commitments have been reduced to $700 million from $800 million and will further be reduced to $586 million in January 2023.
The interest rate premium increased by 15 basis points.
Additionally, the waiver of the fixed-charge coverage ratio has been extended through Dec. 31, 2022 and Diversified Healthcare has the ability to fund up to $400 million of capital expenditures per year, an increase from the previous $350 million annual limit, and also has the ability to acquire up to an aggregate of $500 million of real property.
“This credit facility amendment enhances our financial flexibility as we continue to invest capital in our properties and work with our senior living operators as they recover from the effects of the pandemic,” Jennifer Francis, president and chief executive officer of Diversified Healthcare, said in the release. “We believe both the extension of the maturity date and of the waivers as well as the enhanced capacity to fund investment activities will best position our company to execute on our business plan.”
Wells Fargo Securities, LLC, Citigroup Global Markets Inc., RBC Capital Markets and PNC Capital Markets, LLC acted as lead arrangers. Wells Fargo Bank, NA is the administrative agent.
Diversified Healthcare is a Newton, Mass.-based owner of health care related properties, such as medical office and life science properties, senior living communities and other health care related properties.
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