Senior Housing Properties Trust Extends Term and Reduces Interest Rate and Fees on Credit Facility
September 04 2013 - 5:00PM
Business Wire
Senior Housing Properties Trust (NYSE: SNH) today announced that
it has amended its existing $750 million unsecured revolving credit
facility.
Prior to the amendment, SNH’s credit facility had a maturity
date of June 24, 2015 and interest paid on drawings was LIBOR plus
160 basis points, subject to adjustments based on changes to SNH’s
credit ratings. The maturity date of the amended credit facility is
extended to January 15, 2018 and interest paid on drawings is
reduced to LIBOR plus 130 basis points, subject to adjustments
based on changes to SNH’s credit ratings. In addition, the facility
fee was reduced from 35 basis points to 30 basis points per annum
on the total amounts of lending commitments.
The amended credit facility includes a borrower’s option to
further extend the facility for an additional one year to January
15, 2019. In addition, the amended facility also includes a feature
under which maximum borrowings may be increased up to $1.5 billion
in certain circumstances.
Wells Fargo Securities, LLC, RBC Capital Markets and Citigroup
Global Markets Inc. served as Joint Lead Arrangers and Joint Lead
Bookrunners for the amended credit facility. Banks participating in
the amended credit facility are as follows:
Name of
Institution
Facility
Title
Wells Fargo Bank, N.A. Administrative Agent Royal Bank of Canada
Syndication Agent Citigroup N.A. Syndication Agent Bank of America,
N.A. Documentation Agent Regions Bank Documentation Agent Compass
Bank Documentation Agent PNC Bank, National Association Lender RBS
Citizens, N.A. Lender Capital One, N.A. Lender Comerica Bank Lender
Sumitomo Mitsui Banking Corporation, New York Lender TD Bank, N.A.
Lender Mizuho Bank, Ltd. Lender Sovereign Bank Lender Taiwan
Cooperative Bank Ltd. Seattle Lender Mega International Commercial
Bank Co., Ltd. Los Angeles Branch Lender Mega International
Commercial Bank Co., Ltd. New York Branch Lender Bank of Taiwan,
Los Angeles Branch Lender First Hawaiian Bank Lender First
Tennessee Bank N.A. Lender Land Bank of Taiwan Los Angeles Branch
Lender ChinaTrust Commercial Bank LTD., New York Branch Lender
First Commercial Bank, New York Branch Lender Jefferies Finance LLC
Lender Morgan Stanley Bank, N.A. Lender UBS A.G. Stamford Branch
Lender
SNH is a real estate investment trust, or REIT, that owned 395
properties located in 40 states and Washington, D.C. as of June 30,
2013. SNH is headquartered in Newton, MA.
WARNING CONCERNING
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, WE ARE MAKING
FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON OUR 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:
- THIS PRESS RELEASE STATES THE AMOUNT OF
THE REVOLVING CREDIT FACILITY. HOWEVER, CONTINUED AVAILABILITY OF
BORROWINGS UNDER THE REVOLVING CREDIT FACILITY IS SUBJECT TO OUR
SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY
CONDITIONS.
- THIS PRESS RELEASE STATES THAT THE
MAXIMUM BORROWINGS MAY BE INCREASED UP TO $1.5 BILLION IN CERTAIN
CIRCUMSTANCES. INCREASING THE MAXIMUM BORROWINGS UNDER OUR
REVOLVING CREDIT FACILITY IS SUBJECT TO OBTAINING ADDITIONAL
COMMITMENTS FROM LENDERS, WHICH MAY NOT OCCUR.
THE INFORMATION CONTAINED IN OUR FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK
FACTORS” IN OUR PERIODIC REPORTS, OR INCORPORATED THEREIN,
IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES
FROM OUR FORWARD LOOKING STATEMENTS. OUR 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, WE DO 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. Their team is aware
of this and know that if any change is made to this they must
notify us.
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