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Senior Housing Properties Trust Extends Term And Reduces Interest Rate And Fees On Credit Facility

Senior Housing Properties Trust (NYSE: SNH) today announced that it has amended its existing $750 million unsecured revolving credit facility.

Prior to the amendment, SNH’s credit facility had a maturity date of June 24, 2015 and interest paid on drawings was LIBOR plus 160 basis points, subject to adjustments based on changes to SNH’s credit ratings. The maturity date of the amended credit facility is extended to January 15, 2018 and interest paid on drawings is reduced to LIBOR plus 130 basis points, subject to adjustments based on changes to SNH’s credit ratings. In addition, the facility fee was reduced from 35 basis points to 30 basis points per annum on the total amounts of lending commitments.

The amended credit facility includes a borrower’s option to further extend the facility for an additional one year to January 15, 2019. In addition, the amended facility also includes a feature under which maximum borrowings may be increased up to $1.5 billion in certain circumstances.

Wells Fargo Securities, LLC, RBC Capital Markets and Citigroup Global Markets Inc. served as Joint Lead Arrangers and Joint Lead Bookrunners for the amended credit facility. Banks participating in the amended credit facility are as follows:

Name of Institution

                 

Facility Title

Wells Fargo Bank, N.A. Administrative Agent
Royal Bank of Canada Syndication Agent
Citigroup N.A. Syndication Agent
Bank of America, N.A. Documentation Agent
Regions Bank Documentation Agent
Compass Bank Documentation Agent
PNC Bank, National Association Lender
RBS Citizens, N.A. Lender
Capital One, N.A. Lender
Comerica Bank Lender
Sumitomo Mitsui Banking Corporation, New York Lender
TD Bank, N.A. Lender
Mizuho Bank, Ltd. Lender
Sovereign Bank Lender
Taiwan Cooperative Bank Ltd. Seattle Lender
Mega International Commercial Bank Co., Ltd. Los Angeles Branch Lender
Mega International Commercial Bank Co., Ltd. New York Branch Lender
Bank of Taiwan, Los Angeles Branch Lender
First Hawaiian Bank Lender
First Tennessee Bank N.A. Lender
Land Bank of Taiwan Los Angeles Branch Lender
ChinaTrust Commercial Bank LTD., New York Branch Lender
First Commercial Bank, New York Branch Lender
Jefferies Finance LLC Lender
Morgan Stanley Bank, N.A. Lender
UBS A.G. Stamford Branch Lender
 

SNH is a real estate investment trust, or REIT, that owned 395 properties located in 40 states and Washington, D.C. as of June 30, 2013. SNH is headquartered in Newton, MA.

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