MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE: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.
Justin Hutchens, NHI’s CEO and President, noted, “This credit facility
expands NHI’s borrowing capacity, lowers our cost of capital and extends
the loan maturities. NHI is well-positioned for further growth with the
support of this very strong bank group.”
About National Health Investors
National Health Investors, Inc. is a healthcare real estate investment
trust that specializes in the financing of healthcare real estate by
purchase and leaseback transactions and by mortgage loans. NHI’s
investments involve skilled nursing facilities, assisted living
facilities, independent living facilities, medical office buildings and
hospitals. The common stock of the company trades on the New York Stock
Exchange with the symbol NHI. Additional information about NHI,
including its most recent press releases, may be obtained on NHI's web
site at www.nhireit.com.
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
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.