EPR Properties (NYSE: EPR) today announced that it has entered into a Fifth Amended, Restated and Consolidated Credit Agreement, governing an amended and restated $1.0 billion senior unsecured revolving credit facility and a new $600.0 million senior unsecured delayed draw term loan facility.
The new facilities replace the Company’s existing $1.0 billion senior unsecured revolving credit facility. The new facilities provide for an initial maximum principal amount of borrowing availability of $1.6 billion with an "accordion" feature under which the Company may increase the total maximum principal amount available by $1.0 billion, to a total of $2.6 billion, subject to lender consent and customary conditions.
The amendments to the revolving credit facility (i) extend the maturity date from October 2, 2028 to July 17, 2030, with two six-month extension options, subject to paying additional fees and the satisfaction of customary conditions, (ii) generally reduce the interest rate payable on outstanding loans, and (iii) modify the asset value calculations under certain financial covenants to include the Company’s expected cash proceeds from the sale of its common shares under qualified forward equity contracts.
The new delayed draw term loan facility provides for an initial committed amount of $600.0 million that may be drawn upon prior to January 17, 2027, subject to earlier termination, and matures on January 17, 2032.
The new facilities include customary covenants and events of default.
EPR lost 12 cents to $62.10.
Related Stories
