- Expands borrowing capacity, extends maturities, improves pricing -
MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE: 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. (NYSE: 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.
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.