Senior Housing Properties Trust Amends $550 Million Bank Facility
November 15 2006 - 3:57PM
Business Wire
Senior Housing Properties Trust (NYSE: SNH) today announced that it
has amended and extended the maturity of its $550 million revolving
bank credit facility. As a result of today�s amendment, the
maturity date is extended to December 31, 2010, with a borrower�s
option to extend the facility for one year to December 31, 2011.
Interest paid on drawings under the facility was reduced to LIBOR
plus 80 basis points, and certain financial and other covenants in
the facility were also amended to reflect current market
conditions. Wachovia Securities acted as Lead Arranger and
Administrative Agent for the amendment and extension of the bank
facility. ING Real Estate and Citizens Bank acted as Co-Syndication
Agents, and RBC Capital Markets and Calyon Securities acted as
Co-Documentation Agents. There are 18 institutions that
participated in the amendment to the facility. Other participating
banks included the following: UBS, Banknorth, Wells Fargo Bank,
Chevy Chase Bank, Mega ICBC - Los Angeles, Mega ICBC - New York,
Merrill Lynch, United Overseas, Chang Hwa, Chinatrust, Comerica,
Morgan Stanley and Bank of Communications. Senior Housing
Properties Trust is a real estate investment trust, or REIT, that
owns 196 senior living properties located in 32 states. SNH is
headquartered in Newton, Massachusetts. WARNING CONCERNING FORWARD
LOOKING STATEMENTS CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT
ARE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995 AND FEDERAL SECURITIES
LAWS. THESE INCLUDE STATEMENTS REGARDING FUTURE AVAILABILITY AND
COST OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY. ACTUAL
RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY
THE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR
EXAMPLE, THE COST AND CONTINUED AVAILABILITY OF BORROWINGS UNDER
THE CREDIT FACILITY ARE SUBJECT TO SNH�S SATISFYING CERTAIN
FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS, WHICH
COULD BE IMPACTED BY CHANGES IN OUR FINANCIAL CONDITION, THE
ECONOMY OR THE CAPITAL MARKETS. MANY OF THESE FACTORS ARE BEYOND
SNH'S CONTROL. FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO
OCCUR AND MAY NOT OCCUR. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE
UPON FORWARD LOOKING STATEMENTS. EXCEPT AS MAY BE REQUIRED BY LAW,
SNH DOES NOT INTEND TO IMPLY THAT IT WILL UPDATE OR REVISE ANY
FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE
EVENTS OR OTHERWISE. Senior Housing Properties Trust (NYSE: SNH)
today announced that it has amended and extended the maturity of
its $550 million revolving bank credit facility. As a result of
today's amendment, the maturity date is extended to December 31,
2010, with a borrower's option to extend the facility for one year
to December 31, 2011. Interest paid on drawings under the facility
was reduced to LIBOR plus 80 basis points, and certain financial
and other covenants in the facility were also amended to reflect
current market conditions. Wachovia Securities acted as Lead
Arranger and Administrative Agent for the amendment and extension
of the bank facility. ING Real Estate and Citizens Bank acted as
Co-Syndication Agents, and RBC Capital Markets and Calyon
Securities acted as Co-Documentation Agents. There are 18
institutions that participated in the amendment to the facility.
Other participating banks included the following: UBS, Banknorth,
Wells Fargo Bank, Chevy Chase Bank, Mega ICBC - Los Angeles, Mega
ICBC - New York, Merrill Lynch, United Overseas, Chang Hwa,
Chinatrust, Comerica, Morgan Stanley and Bank of Communications.
Senior Housing Properties Trust is a real estate investment trust,
or REIT, that owns 196 senior living properties located in 32
states. SNH is headquartered in Newton, Massachusetts. WARNING
CONCERNING FORWARD LOOKING STATEMENTS CERTAIN STATEMENTS CONTAINED
IN THIS DOCUMENT ARE FORWARD LOOKING STATEMENTS WITHIN THE MEANING
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND FEDERAL
SECURITIES LAWS. THESE INCLUDE STATEMENTS REGARDING FUTURE
AVAILABILITY AND COST OF BORROWINGS UNDER OUR REVOLVING CREDIT
FACILITY. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED
IN OR IMPLIED BY THE FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS. FOR EXAMPLE, THE COST AND CONTINUED AVAILABILITY
OF BORROWINGS UNDER THE CREDIT FACILITY ARE SUBJECT TO SNH'S
SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY
CONDITIONS, WHICH COULD BE IMPACTED BY CHANGES IN OUR FINANCIAL
CONDITION, THE ECONOMY OR THE CAPITAL MARKETS. MANY OF THESE
FACTORS ARE BEYOND SNH'S CONTROL. FORWARD LOOKING STATEMENTS ARE
NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. INVESTORS SHOULD NOT
PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS. EXCEPT AS MAY
BE REQUIRED BY LAW, SNH DOES NOT INTEND TO IMPLY THAT IT WILL
UPDATE OR REVISE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
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