Health Care REIT inks $3.23 billion facility with 15-bps lower pricing

By Toni Weeks

San Luis Obispo, Calif., July 28 – Health Care REIT, Inc. closed on a roughly $3.23 billion unsecured credit facility provided by 28 financial institutions, replacing its existing $2.98 million credit facility.

The new facility consists of a $2.5 billion revolver, $500 million term loan and C$250 million term loan.

The revolver bears interest at Libor plus 105 basis points and has an annual facility fee of 20 bps. The U.S. dollar-denominated term loans bear interest at Libor plus 115 bps, while the Canadian dollar-denominated term loan bears interest at CDOR plus 115 bps. The pricing is a 15-bps overall savings versus the previous facility, according to a press release.

Health Care REIT may upsize the facility by up to $1 billion through an accordion feature, potentially boosting the total facility to $4.23 billion. The facility also allows the company to borrow up to $500 million in alternate currencies.

Health Care REIT is a Toledo, Ohio-based real estate investment trust that invests in senior housing and health-care real estate.

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