FRANKLIN, Tennessee., March 19, 2021 /PRNewswire/ — Community Healthcare Trust Incorporated (NYSE: CHCT) (the “Company”) announced that it has increased its credit facilities to 400 million dollars through its Third Amended and Restated Credit Agreement.
The amended credit facilities provide for a 150 million dollars Revolving Facility matures March 2026with a 12-month renewal option and $250 million for term loans. The term loans consist of 50 million dollars mature in March 2024, $75 million mature in March 2026and a new one $125 million Term Loan due March 2028. The Company is the Borrower under the Third Amended and Restated Credit Agreement and its obligations are unsecured.
Outstanding amounts are remunerated at LIBOR plus a margin of between 1.25% and 1.90% under the revolving facility and at LIBOR plus a margin of between 1.45% and 2.30% under the term loans, depending on the term and leverage the company.
The credit facilities have an accordion function that can increase the total credit capacity under the credit facility 600 million dollars, including the ability to add and fund additional term loans. Accordion and revolving facility upgrade options are subject to the normal terms and conditions for these types of facilities.
At closing, the company deducted the entire amount $125 million available under the new term loan and used the proceeds to repay the revolving facility as well as the existing one 50 million dollars term loan with a March 2022 maturity.
The Company intends to enter into interest rate swap agreements that will fix interest rates on the aggregate amount $125 million 7-year loan. Based on current conditions, this translates to a fixed interest rate in the range of 3.35% to 3.65%, depending on the company’s debt level, market conditions and other factors.
Truist Securities, Fifth Third Bank, First Horizon Bank, Huntington National Bank and Regions Capital Markets acted as joint lead arrangers and joint book managers, Fifth Third Bank and First Horizon Bank acted as co-syndication agents, and Huntington National Bank and Regions Bank acted as Co-Documentation Agents. The Truist Bank acted as the administrative agent. Other banks in syndication are: Pinnacle Bank, Synovus Bank, Hancock Whitney Bank, cadenzaRenasant Bank, CapStar Bank and ServisFirst Bank.
About Community Healthcare Trust Incorporated
Community Healthcare Trust is a real estate investment trust focused on owning income-generating properties primarily associated with the provision of home healthcare services in its target submarkets in the United States. The company had investments of approx $735.4 million in 141 properties as of December 31, 2020 in 33 states totaling approximately 3.1 million square feet.
Additional information about the company, including this quarter’s operations, is available at www.chct.reit. Please contact the company at 615-771-3052 to request a printed copy of this information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, under the Safe Harbor Provisions of the Private Securities Litigation Reform Act 1995. Forward-looking statements are generally identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “should”, “aims”, “approximately”, “intends”, “plans”, “estimates “, “anticipates” or other similar words or expressions, including the negative thereof. Forward-looking statements are based on certain assumptions and may include future expectations, future plans and strategies, financial and operational projections or other forward-looking information. Such forward-looking statements reflect the current beliefs of Managements reflected and based on information currently available to management be available. Because forward-looking statements address future events, they involve inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are beyond the Company’s control. As a result, the Company’s actual results and financial condition could differ materially from those in such forward-looking statements. Some factors that could cause such a difference include: general volatility in the capital markets and the market price of the Company’s common stock, changes in the Company’s business strategy, the availability, terms and deployment of capital, the Company’s ability to refinance existing debt at or before maturity on favorable terms or at all, changes in the real estate industry generally, interest rates or the general economy, adverse developments relating to the healthcare industry, the level and nature of the Company’s competition, the ability to complete agreed acquisitions, impact global and domestic markets and businesses resulting from the COVID-19 pandemic and the other factors described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the current year December 31, 2020 and the Company’s other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date of this release. The Company intends that these forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
CONTACT: David H Dupuy615-771-3052
SOURCE Community Healthcare Trust, Inc.