Tuesday, 11 February 2014

HealthLease Properties Real Estate Investment Trust Announces Credit Facility Increase to $250,000,000

HealthLease Properties Real Estate Investment Trust announced today that it has widened and extended its secured operating line of credit to $120 million to $250 million. The Facility for the credit line had an initial term of 48 months. Up to $75 million of the Facility can be designated as a term loan for up to five years. The Facility provides for interest-only payments during the term and a borrowing rate of LIBOR (London Interbank Offer Rate) plus 235 to 300 basis points, depending on the total amount drawn.

The large Real Estate Investment Trust has secured a guarantee in respect of its subsidiaries' obligations under the Facility.

 "We are pleased to announce this increase as it will support our acquisition and growth strategy in the coming years" stated Zeke Turner, President and Chief Executive Officer of HealthLease. "In addition it will help to further enhance our already strong financial position and provide us with increased financial flexibility." 

 The lending institutions participating in the Facility include BMO Capital Markets, PNC Capital Markets, National Bank of Canada, SunTrust, Siemens Financial Services, Regions Bank, Bank of America Merrill Lynch, Huntington National Bank, and Raymond James. Based on the security currently provided, HealthLease can borrow up to approximately $134.2 million under the Facility. At closing, $86.1 million was drawn on the facility.

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