National Health Investors, Inc. NHI announced today it has entered
into amended $700 million senior unsecured credit facilities that include a
new $450 million revolving credit facility, a new $130 million term loan and
existing $120 million term loans. The facilities can be expanded, subject to
certain conditions, up to an additional $130 million. At closing, the new
facilities replaced smaller credit facilities that originated on June 30, 2013
and provided for $370 million of total commitments.
The amended credit facilities provide for: (1) a $450 million unsecured,
revolving credit facility that matures in March 2019 (inclusive of an embedded
1-year extension option) with interest at 150 basis points over LIBOR; (2) a
$130 million unsecured term loan that matures in June 2020 with interest at
175 basis points over LIBOR of which interest of 3.91% is fixed with an
interest rate swap agreement; and (3) two existing term loans which remain in
place totaling $120 million, maturing in June 2020 and bearing interest at 175
basis points over LIBOR, a notional amount of $40 million being fixed at 3.29%
until 2019 and $80 million being fixed at 3.86% until 2020.
Justin Hutchens, NHI's CEO and President, noted, “With the closing of these
credit facilities and the recent $200 million convertible senior note
offering, NHI has successfully fixed a majority of its interest rate expense,
extended maturities and expanded its borrowing capacity to support additional
growth. We appreciate the bank group's continued support of NHI's business and
capital plans.”
Wells Fargo Securities, LLC, BMO Capital Markets and KeyBank National
Association were joint lead arrangers for the facilities and arranged a
syndicate that included 11 banks. J.P. Morgan Securities LLC and Merrill
Lynch, Pierce, Fenner & Smith Incorporated were joint lead arrangers and joint
bookrunners for the revolving credit facility. Capital One, National
Association was joint lead arranger and joint bookrunner for the term loan.
Other banks in the credit facilities are Regions Bank, Pinnacle National Bank,
United Community Bank, Stifel Bank & Trust and UMB Bank.
About NHI
National Health Investors, Inc. NHI, a Maryland corporation
incorporated and publicly listed in 1991, is a healthcare real estate
investment trust (REIT) specializing in financing healthcare real estate by
purchase and leaseback transactions, RIDEA transactions and by mortgage loans.
NHI's investments include senior housing (assisted living, memory care,
independent living and senior living campuses), skilled nursing, medical
office buildings, and hospitals. For more information, visit www.nhireit.com.
Safe Harbor Statement
Statements in this press release that are not historical facts are
forward-looking statements. NHI cautions investors that any forward-looking
statements may involve risks and uncertainties and are not guarantees of
future performance. All forward-looking statements represent NHI's judgment as
of the date of this release. Investors are urged to carefully review and
consider the various disclosures made by NHI in its periodic reports filed
with the Securities and Exchange Commission, including the risk factors and
other information disclosed in NHI's Annual Report on Form 10-K for the most
recently ended fiscal year. Copies of these filings are available at no cost
on the SEC's web site at http://www.sec.gov or on NHI's web site at
http://www.nhireit.com.
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