CNL Retirement Properties gets $320 million revolver

By Sara Rosenberg

New York, Aug. 29 - CNL Retirement Properties Inc. closed on a $320 million amended and restated senior secured revolving credit facility with an $80 million accordion feature, according to a company news release.

Banc of America Securities LLC acted as lead arranger and bookrunner on the deal.

The syndicate is comprised of Bank of America as administrative agent, JPMorgan Chase Bank and General Electric Capital Corp. as co-syndication agents, Wachovia Bank and Key Bank as co-documentation agents and HSH Nordbank, Regions Bank and LaSalle Bank as participants.

Borrowings under the revolver carry an initial interest rate of Libor plus 150 basis points.

The revolver matures on Aug. 23, 2007 but contains two one-year renewal options.

Security is certain seniors' housing properties that allow for $280 million in initial borrowing capacity.

Proceeds will be used to repay existing debt, to fund future acquisitions and for general corporate purposes.

The new revolver replaces the company's previous $85 million credit facility that was scheduled to mature on Sept. 17 and carried an interest rate of Libor plus 300 bps.

"The expansion of our line of credit at reduced pricing levels provides access to flexible capital for the continued growth of our company," said Clark Hettinga, senior vice president and chief financial officer, in the release.

CNL is an Orlando, Fla., health care real estate investment trust.

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