TOLEDO,
Ohio, June 16, 2022 /PRNewswire/ -- Welltower®
Inc. (NYSE: WELL) (the "Company" or "Welltower") today
announced that it has closed on an amended $4.0 billion unsecured revolving line of
credit ("Revolving Facility"), $1.0
billion term loan and CAD 250
million term loan (collectively, "Term Facility"). Through
the Amendment, the Company will enhance its already strong
liquidity position and extend its well-staggered debt maturity
profile, while also achieving improved pricing across the Term
Facility.
"Today's announcement highlights our commitment to further
enhancing our already strong balance sheet and liquidity profile,
while maintaining maximum financial flexibility," said Tim McHugh, Welltower's Chief Financial Officer.
"The increased size, extended term and more efficient pricing
position the Company to continue to create significant value for
our shareholders in any macroeconomic environment. We appreciate
the significant commitment offered by the 31 participating
financial institutions and the continued support of our banking
partners."
The Revolving Facility is comprised of an existing $3.0 billion tranche ("RCF A") that matures
June 4, 2025 and an amended
$1.0 billion tranche ("RCF B") that
matures on June 4, 2026, which will
replace the Company's existing $1.0
billion RCF B that was scheduled to mature on June 4, 2023. Both Revolving Facility tranches
may be extended for two successive terms of six months at the
Company's option. Based on Welltower's current credit ratings,
the loans under the Revolving Facility currently bear interest at
77.5 basis points over the adjusted SOFR rate. In addition, the
Revolving Facility permits a reduction in the interest rate upon
meeting certain reductions in greenhouse gas emissions. Based on
Welltower's current credit ratings, the Revolving Facility
currently carries an annual facility fee of 15 basis points.
The Company also closed on a $1.0
billion term loan and a CAD 250
million term loan that each mature on July 19, 2026 and will replace the Company's
existing $500 million term loan and
CAD 250 million term loan that were
scheduled to mature on July 19, 2023.
Both Term Facility tranches may be extended for two successive
terms of six months at the Company's option. Based on
Welltower's current credit ratings, the loans under the Term
Facility bear interest at 85.0 basis points over the adjusted SOFR
rate, which represents a five-basis point improvement from pricing
under the Company's previous Term Facility. In addition, the Term
Facility permits a reduction in the interest rate upon meeting
certain reductions in greenhouse gas emissions.
Welltower has an ability to upsize the Revolving Facility
and the USD term loan by up to an additional $1.25 billion, in
the aggregate, and the CAD term loan by up to an
additional CAD 250 million. The closing of the Amendment
increases the Company's total available credit, assuming all
incremental facilities are funded, to over $6.5
billion in aggregate. The Company is permitted to borrow up
to $1.0 billion of the Revolving Facility in certain
foreign currencies.
BofA Securities, Inc., JPMorgan Chase Bank, N.A., KeyBanc
Capital Markets Inc. and Wells Fargo Securities LLC were
the U.S. Joint Lead Arrangers for the RCF A and BofA
Securities, Inc., KeyBanc Capital Markets Inc. and Wells
Fargo Securities LLC were the U.S. Joint Lead Arrangers for the RCF
B and Term Facilities. BofA Securities, Inc., JPMorgan Chase Bank,
N.A., KeyBanc Capital Markets Inc. and RBC Capital
Markets were the Canadian Joint Lead Arrangers for the RCF A and
BofA Securities, Inc., KeyBanc Capital Markets
Inc. and RBC Capital Markets were the Canadian Joint
Lead Arrangers for the RCF B and Term Facilities. BofA
Securities, Inc. and JPMorgan Chase Bank, N.A. were the
Joint Book Runners for the RCF A and BofA Securities, Inc. was the
Sole Book Runner for the RCF B and Term Facilities. Bank of
America, N.A. and JPMorgan Chase Bank, N.A. were the
Co-Syndication Agents for the RCF A and Bank of America, N.A. was
the Sole Syndication Agent for the RCF B and Term Facilities.
KeyBank National Association is the Administrative Agent and
Credit Agricole Corporate and Investment Bank is the Sustainability
Structuring Agent.
About Welltower
Welltower Inc. (NYSE: WELL), an S&P 500 company
headquartered in Toledo, Ohio, is driving the transformation of health
care infrastructure. The Company invests with leading seniors
housing operators, post-acute providers, and health systems to fund
the real estate infrastructure needed to scale innovative care
delivery models and improve people's wellness and overall health
care experience. Welltower®, a real estate investment trust
("REIT"), owns interests in properties concentrated in major,
high-growth markets in the United States, Canada, and
the United Kingdom, consisting of seniors housing, post-acute
communities and outpatient medical properties. More information is
available at www.welltower.com.
Forward-Looking Statements
This press release may contain "forward-looking" statements as
defined in the Private Securities Litigation Reform Act of 1995.
When Welltower uses words such as "may," "will,"
"intend," "should," "believe," "expect," "anticipate," "project,"
"estimate" or similar expressions that do not relate solely to
historical matters, it is making forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may
cause Welltower's actual results to differ materially
from Welltower's expectations discussed in the
forward-looking statements. This may be a result of various
factors, including, but not limited to, those factors discussed
in Welltower's reports filed from time to time with
the SEC. Welltower undertakes no obligation to update or
revise publicly any forward-looking statements, whether because of
new information, future events or otherwise, or to update the
reasons why actual results could differ from those projected in any
forward-looking statements.
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SOURCE Welltower Inc.