NHI Announces $320 Million Unsecured Credit Facility Including 5-Year and 7-Year Term Loans

National Health Investors, Inc. NHI announced today it has entered into an amended $320 million unsecured credit facility that includes $120 million of combined 5-year and 7-year term loans that were drawn immediately at closing to pay down revolving credit borrowings and for other corporate purposes. The facility also includes an uncommitted incremental facility feature allowing for an additional $130 million of total borrowings. Wells Fargo Securities, LLC was sole bookrunner for the $200 million revolving credit facility. BMO Capital Markets was sole bookrunner for the $120 million 7-year and 5-year term loan facility. Other banks in the credit facility are KeyBank, Bank of America and Pinnacle National Bank. The facility replaces a smaller credit facility that was scheduled to mature in 2015. The credit facility provides for: (1) unsecured, revolving borrowings of up to $200 million with interest at 140 basis points over LIBOR and a maturity of 5 years (inclusive of an embedded 1 year extension option); (2) an $80 million unsecured, 5-year term loan with interest at 140 basis points over LIBOR; and (3) a $40 million unsecured, 7-year term loan with interest at 150 basis points over LIBOR.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsFinancingOfferings
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!