Senior Housing Properties Trust Increases Revolving Credit Facility to $1 Billion & Closes on $200 Million, Seven Year Term L...
September 29 2015 - 8:05AM
Business Wire
Senior Housing Properties Trust (NYSE: SNH) today announced that
it has partially exercised the accordion feature under its
unsecured revolving credit facility agreement and closed on a new
$200 million, seven year unsecured term loan.
SNH received an increase in commitments under the credit
facility to $1 billion from its previous amount of $750 million.
All other material terms under the credit facility remain
unchanged. Banks participating in the credit facility also remain
unchanged, with Wells Fargo Securities, LLC, Citigroup Global
Markets Inc. and RBC Capital Markets serving as Joint Lead
Arrangers and Joint Lead Bookrunners.
The $200 million unsecured term loan matures on September 28,
2022. The interest rate on the term loan will be at LIBOR plus 180
basis points, subject to adjustment based on changes to SNH’s
credit ratings. The loan has an accordion feature under which
maximum borrowings may be increased to up to $400 million in
certain circumstances. SNH used the net proceeds of the term loan
to repay amounts outstanding under its revolving credit facility.
Wells Fargo Securities, LLC and PNC Capital Markets LLC are Joint
Lead Arrangers and Joint Lead Bookrunners for the new term loan,
and banks participating in the term loan are as follows:
Name of
Institution
Title
Wells Fargo Bank, N.A. Administrative Agent PNC Bank, National
Association Syndication Agent Mizuho Bank (USA) Documentation Agent
Commerce Bank & Trust Company Lender Taiwan Cooperative Bank
Ltd. Seattle Branch Lender First Commercial Bank, Ltd. New York
Branch Lender First Tennessee Bank N.A. Lender
Senior Housing Properties Trust is a real estate investment
trust, or REIT, which owns senior living communities, medical
office buildings and wellness centers throughout the United States.
SNH is headquartered in Newton, MA.
WARNING REGARDING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, SNH IS MAKING
FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON SNH’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT
FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT
OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN
OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE:
- THE CONTINUED AVAILABILITY OF
BORROWINGS UNDER THE REVOLVING CREDIT FACILITY IS SUBJECT TO SNH
SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY
CONDITIONS. THE ACTUAL PREMIUM OVER LIBOR PAID BY SNH UNDER THE
TERM LOAN WILL BE HIGHER OR LOWER THAN THAT STATED IN THIS PRESS
RELEASE IF ADJUSTMENTS ARE MADE TO SNH’S CREDIT RATINGS.
- INCREASING THE MAXIMUM BORROWINGS UNDER
THE TERM LOAN IS SUBJECT TO OBTAINING ADDITIONAL COMMITMENTS FROM
LENDERS, WHICH MAY NOT OCCUR.
THE INFORMATION CONTAINED IN SNH’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK
FACTORS” IN ITS PERIODIC REPORTS, OR INCORPORATED THEREIN,
IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES
FROM SNH’S FORWARD LOOKING STATEMENTS. SNH’S FILINGS WITH THE SEC
ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV. YOU SHOULD NOT
PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING STATEMENTS. EXCEPT AS
REQUIRED BY LAW, SNH DOES NOT INTEND TO UPDATE OR CHANGE ANY
FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE
EVENTS OR OTHERWISE.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange.No shareholder, Trustee or officer is personally
liable for any act or obligation of the Trust.
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version on businesswire.com: http://www.businesswire.com/news/home/20150929006002/en/
Senior Housing Properties TrustOlivia Snyder,
617-796-8234Analyst, Investor Relationswww.snhreit.com
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