NEWTON, Mass.--(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.
Senior Housing Properties Trust
Timothy A. Bonang, Vice President,
Investor Relations,
or
Elisabeth H. Olmsted, Manager, Investor
Relations
617-796-8234
www.snhreit.com
Source: Senior Housing Properties Trust
News Provided by Acquire Media