DRI Healthcare Trust increases credit facility by $150 million

By Rebecca Melvin

Concord, N.H., April 20 – DRI Healthcare Trust said that a subsidiary of the trust has entered into a credit agreement with a syndicate of banks for $350 million of credit facilities, according to a company release Wednesday.

The amended agreement increases the capacity of the facilities announced on Oct. 22, 2021 for $200 million with a new tranche consisting of a delayed-draw term loan of $150 million.

There was a $71 million initial draw on the facilities.

The facilities mature on Oct. 22, 2024 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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