Pr announcements.announced That it has closed an amended today

Pr announcements.announced That it has closed an amended today

HCP, Inc. (NYSE: HCP) established today so it has closed an amended and restated credit contract providing for the $2.5 billion unsecured revolving credit facility and a unique $250 million unsecured term loan center (collectively, the “Credit places”).

The amendment and restatement increased how big is the unsecured revolving credit facility from $2.0 billion to $2.5 billion , extended the readiness date of this unsecured revolving credit facility to might 23, 2023 with two 6-month expansion choices, and paid off HCP’s borrowing expenses. At the time of closing, the unsecured revolving credit facility bears interest at a level per year corresponding to LIBOR plus 82.5 foundation points and contains a center fee on the entire revolving commitment of 15 basis points per year, each centered on HCP’s current credit scores.

In addition, the unsecured revolving credit facility incorporates a sustainability-linked rates grid that decreases the borrowing spread if specific benchmarks are accomplished every year.

The term that is unsecured center includes a 90-day delayed-draw function, permitting term loans in a aggregate principal amount all the way to $250 million become drawn during such period. Any such term loans will grow may 23, 2024 . The interest rate applicable to the unsecured term loan facility would have been a rate per annum equal to LIBOR plus 90 basis points, based on HCP’s current credit ratings as of closing. The unsecured term loan facility had been undrawn at closing.

HCP has got the option to increase its borrowing capability beneath the Credit places, at the mercy of customary conditions, by as much as one more $750 million , for a maximum borrowing capacity of $3.5 billion .

“This deal highlights our continued focus on increasing our credit profile by boosting liquidity, expanding maturities and borrowing that is reducing,” stated Peter Scott , Executive Vice President and Chief Financial Officer. “we have been appreciative of our banking team due to their continued help and nearly $4 billion of commitments, in addition to their partnership in advancing HCP’s sustainability efforts.”

The Credit Facilities were arranged by BofA Securities, Inc. (“BofA Securities”), JPMorgan Chase Bank, N.A. (“JPMorgan”) and Wells Fargo Securities, LLC. BofA Securities and JPMorgan had been bookrunners that are also joint the Credit places. Bank of America, N.A. acted as administrative agent and JPMorgan and Wells Fargo Bank, National Association acted as co-syndication agents when it comes to Credit places.

HCP, Inc. is a completely built-in estate that is real trust (REIT) that invests mainly in real-estate serving the healthcare industry in america. HCP owns a large-scale profile diversified across numerous sectors, led by payday loans in Delaware senior housing, life technology and medical workplace. Thought to be a global frontrunner in sustainability, HCP was a publicly-traded business since 1985 and ended up being the very first health care REIT selected towards the S&P 500 index. To learn more HCP that is regarding

Andrew Johns Vice President – Finance and Investor Relations(949) 407-0400

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CNL Healthcare qualities, an estate that is real trust (REIT) centered on seniors housing and health care properties, has entered into an understanding for a $250 million term loan, with all the option of increasing the loan up to $350 million. The company borrowed $260 million at the loan’s closing. With the loan that is new CNL Healthcare qualities increased its credit line by $15 million to $245 million. With all the brand new term loan while the expansion for the company’s revolving type of credit, the company’s unsecured credit center totals $680 million and it is expandable to $1.05 billion through accordion features into the associated loan agreements. This total carries a $175 million term loan closed in 2014 december.

The credit facility, led by KeyBank nationwide Association, SunTrust Bank, JPMorgan Chase Bank, N.A. and Bank of America, N.A., has eight other participating loan providers: Fifth Third Bank, BBVA Compass Bank, The nationwide Huntington Bank, Cadence Bank, Whitney Bank, Comerica Bank, Eastern Bank and Seaside nationwide Bank & Trust.

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