Senior Housing Properties Trust Enters New $750 Million Bank Facility
June 24 2011 - 4:35PM
Business Wire
Senior Housing Properties Trust (NYSE: SNH) today announced that
it has entered a new $750 million unsecured revolving credit
facility. The new facility replaces SNH’s previous $550 million
unsecured revolving credit facility which had a maturity date of
December 31, 2011. The maturity date of the new facility is June
24, 2015, and includes a borrower’s option to extend the facility
for one year to June 24, 2016. Interest paid on drawings under the
new facility is set at LIBOR plus 160 basis points, subject to
adjustments based on changes to SNH’s credit ratings. The new
facility also includes a feature under which the maximum borrowing
may be increased to up to $1.5 billion in certain
circumstances.
Wells Fargo Securities, LLC and RBC Capital Markets, LLC are the
Joint Lead Arrangers for the new facility. As compared to SNH’s
previous facility, the number of participating banks in the new
facility increased from 18 to 26 institutions. Banks participating
in the new facility are as follows:
Name of
Institution
Facility
Title
Wells Fargo Bank, N.A. Administrative Agent Royal Bank of Canada
Syndication Agent Bank of America, N.A. Documentation Agent Regions
Bank Documentation Agent BBVA Compass Bank Senior Managing Agent
RBS Citizens, N.A. Senior Managing Agent PNC Bank, N.A. Senior
Managing Agent Sumitomo Mitsui Banking Corporation Lender TD Bank,
N.A. Lender Capital One, N.A. Lender Comerica Bank Lender Citigroup
Global Markets Lender UBS Loan Finance LLC Lender Mega
International Commercial Bank (New York) Lender Taiwan Cooperative
Bank Lender The Bank of East Asia, Limited Lender Chang Hwa
Commercial Bank, Ltd. Lender Hua Nan Commercial Bank, Ltd. Lender
Bank of Taiwan, Los Angeles Branch Lender Chinatrust Commercial
Bank Ltd. Lender Bank of Communications Co., Ltd. Lender First
Hawaiian Bank Lender Jefferies Finance LLC Lender United Overseas
Bank Limited Lender Morgan Stanley Bank, N.A. Lender First
Commercial Bank New York Branch Lender
Senior Housing Properties Trust is a real estate investment
trust, or REIT, which principally owns private pay senior living
communities and medical office buildings located throughout the
United States. SNH is headquartered in Newton, MA.
WARNING CONCERNING FORWARD LOOKING
STATEMENTS
CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND FEDERAL SECURITIES LAWS. THESE
INCLUDE STATEMENTS REGARDING (1) FUTURE AVAILABILITY OF BORROWINGS
UNDER OUR NEW REVOLVING CREDIT FACILITY, (2) A FEATURE UNDER WHICH
SNH MAY EXPAND THE MAXIMUM AVAILABILITY UNDER THE CREDIT FACILITY,
AND (3) THE INTEREST PAID ON DRAWINGS UNDER THE CREDIT FACILITY.
ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR
IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS
FACTORS. FOR EXAMPLE:
- CONTINUED AVAILABILITY OF BORROWINGS
UNDER THE CREDIT FACILITY IS SUBJECT TO SNH’S SATISFYING CERTAIN
FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS.
- INCREASING THE MAXIMUM BORROWINGS UNDER
THE CREDIT FACILITY IS SUBJECT TO OBTAINING ADDITIONAL COMMITMENTS
FROM LENDERS, WHICH COULD BE IMPACTED BY CHANGES IN OUR FINANCIAL
CONDITION, THE ECONOMY OR THE CAPITAL MARKETS.
- ACTUAL ANNUAL COSTS UNDER THE CREDIT
FACILITY WILL BE HIGHER THAN LIBOR PLUS A PREMIUM ON DRAWINGS
BECAUSE OF OTHER FEES AND EXPENSES ASSOCIATED WITH THE CREDIT
FACILITY.
SOME OF THESE FACTORS ARE BEYOND SNH’S CONTROL. FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. YOU
SHOULD NOT PLACE UNDUE RELIANCE UPON SNH’S FORWARD LOOKING
STATEMENTS. EXCEPT AS MAY BE 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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