TOLEDO,
Ohio, July 29, 2024 /PRNewswire/ -- Welltower®
Inc. (NYSE: WELL) (the "Company" or "Welltower") today
announced that it has closed on an amended $5.0 billion
senior unsecured revolving line of credit ("Revolving
Facility"). Through the Amendment, the Company will bolster its
already strong liquidity position and extend its well-staggered
debt maturity profile, while also achieving improved pricing. The
closing of the Revolving Facility follows recent revisions to the
Company's credit rating outlook to positive from stable by both
S&P Global and Moody's, both of which cited strong seniors
housing industry tailwinds and a materially improved balance
sheet.
"The successful upsizing and extension of our line of credit not
only highlights the strength of Welltower's balance sheet and
unparalleled access to efficiently priced capital, but also the
powerful growth outlook of our business," said Tim McHugh, Welltower's Chief Financial Officer.
"Thanks to the support of 29 participating financial institutions,
the Company is well positioned with ample liquidity and
historically low leverage to continue delivering shareholder value
through disciplined capital allocation in any capital markets
environment."
The Revolving Facility is comprised of an amended $3.0 billion tranche ("RCF A") that
matures on July 24, 2028 and an
amended $2.0 billion tranche ("RCF
B") that matures on July 24, 2029.
RCF A will replace the Company's existing $3.0 billion tranche that was scheduled to mature
on June 4, 2025, while RCF B will
replace the Company's existing $1.0
billion tranche that was scheduled to mature on June 4, 2026. At the Company's option, RCF A may
be extended for two successive terms of six months each. Based
on Welltower's current credit ratings, the loans under
the Revolving Facility currently bear interest at 72.5 basis points
over the adjusted SOFR rate and carry an annual facility fee of
12.5 basis points. In addition, the Revolving Facility incorporates
adjustments in the interest rate and facility fee based upon
certain reductions in greenhouse gas emissions.
The Company also has an existing $1.0
billion USD term loan and a $250
million CAD term loan ("Term Facility") that are scheduled
to mature on July 19, 2026. At the
Company's option, either Term Facility tranches may be extended for
two successive terms of six months each.
Welltower has an ability, on an uncommitted basis, to upsize the
Revolving Facility and the Term Facility by up to an additional
$1.25 billion. The closing of the
Amendment increases the Company's total available credit
facilities, assuming all incremental facilities are fully funded,
to approximately $7.5 billion in
aggregate. The Company is permitted to borrow up to $1.25 billion under the Revolving Facility in
certain foreign currencies.
BofA Securities, Inc., JPMorgan Chase Bank,
N.A., Wells Fargo Securities LLC and KeyBanc Capital Markets
Inc. were the U.S. Joint Lead Arrangers for the
Revolving Facility. Bank of America, N.A., JPMorgan Chase Bank,
N.A. and Wells Fargo Securities LLC were the Co-Syndication
Agents for the Revolving Facility. 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), a real estate investment trust
("REIT") and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of
health care infrastructure. Welltower 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 owns interests in properties
concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing
and post-acute communities and outpatient medical properties. More
information can be found at www.Welltower.com.
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SOURCE Welltower Inc.