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Welltower (NYSE:WELL) closed on an amended $4.0B revolving line of credit score, $1.0B time period mortgage, and C$250M time period mortgage, strikes that can additional improve its liquidity, prolong its staggered debt maturity profile, and enhance pricing throughout the time period facility, it mentioned Thursday.
“The elevated dimension, prolonged time period and extra environment friendly pricing place the Firm to proceed to create vital worth for our shareholders in any macroeconomic setting,” mentioned Chief Monetary Officer Tim McHugh.
The revolving facility is comprised of an current $3.0B tranche that matures on June 4, 2025 and and amended $1.0B tranche that matures on June 4, 2026, which is able to change the corporate’s current $1.0B RCF B that was scheduled to mature on June 4, 2023.
Welltower (WELL) can improve the revolving facility and US$ time period mortgage by as much as an extra $1.25B, in complete, and the C$ time period mortgage by as much as an extra C$250M.
Based mostly on Welltower’s (WELL) present credit score rankings, the loans underneath the revolving facility at the moment bear curiosity at 77.5 foundation factors over the adjusted SOFR price. The rate of interest could also be decreased much more if it meets sure reductions in greenhouse fuel emissions. The revolving facility at the moment carries an annual facility price of 15 bps base on its present credit score rankings.
The $1.0B time period mortgage and C$250M time period mortgage every mature on July 19, 2026. and can change the corporate’s current $500M time period mortgage and C$250M time period mortgage that have been scheduled to mature on July 19, 2023.
Earlier this month, Welltower (WELL) elevated the decrease finish of its Q2 FFO steering vary and acquired a 25-property senior residence portfolio.
