DRI Healthcare Trust obtains $200 million revolving credit facilities

By Rebecca Melvin

Concord, N.H., Oct. 22 – DRI Healthcare Trust said that a subsidiary of the trust has entered into a credit agreement with a syndicate of banks for $200 million of revolving credit facilities, according to a company release.

An initial draw on the facilities will be used to retire the existing senior secured notes issued by a subsidiary of the trust, with future draws expected to be used to fund future acquisitions by royalty assets.

The facilities have a three-year term and are secured by all of the assets of the trust and most of its subsidiaries.

The syndicate of lenders is comprised of Canadian Imperial Bank of Commerce and HSBC Bank Canada as co-lead arrangers and includes Royal Bank of Canada, Bank of Nova Scotia, Bank of America NA Canada Branch and National Bank of Canada.

The trust manages a diversified portfolio of pharmaceutical royalties and is based in Toronto.

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