DRI Healthcare Trust upsizes credit facilities to $500 million

By Marisa Wong

Los Angeles, Oct. 31 – DRI Healthcare Trust entered into an amended agreement to its existing amended and restated credit agreement with a syndicate of banks providing up to $500 million of debt capacity, according to a press release.

The facilities have a maturity date of Oct. 31, 2026 and are secured by all of the assets of the trust and most of its subsidiaries.

“We are very pleased to see ongoing strong support from our syndicate of top-tier lenders and we are pleased to welcome the Toronto-Dominion Bank as our newest syndicate partner,” chief executive officer Behzad Khosrowshahi said in the press release.

“Coupled with the funds secured from our recent follow-on offerings, this increased debt capacity will allow us to continue support innovation in the healthcare eco-system. Having deployed $421 million in the past 12 months, we are well-positioned to execute on our robust $3 billion pipeline of high-quality opportunities,” Khosrowshahi commented.

The lending syndicate is comprised of Canadian Imperial Bank of Commerce and HSBC Bank Canada as co-lead arrangers and joint bookrunners and includes Bank of America, NA, JPMorgan Chase Bank, NA, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and Toronto-Dominion Bank.

The Toronto-based pharmaceutical royalty investment company is managed by DRI Capital Inc.

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