Senior Housing Properties Trust Enters New $750 Million Bank Facility

Senior Housing Properties Trust

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.