Healthcare Realty Trust executives on Monday said they have amended their $700 million unsecured revolving credit facility, both lowering its cost and extending its maturity date.
The 15-member bank group for Nashville-based Healthcare Realty — two members smaller than the one that signed the original loan deal in October 2011 — has agreed to lower the facility's price to 1.4 percent above the LIBOR benchmark rate, down from 1.5 percent. The amendment also trims the facility fee to 30 basis points from 35 basis points and pushes out the line's due date two years to April of 2017. For a fee, Healthcare Realty execs have the option to extend that another year.
As in the fall of 2011, the bank syndicate is led by Wells Fargo Securities and JPMorgan Securities. As of Sept. 30, Healthcare Realty had just $34 million outstanding under the credit line, having paid down $178 million during the third quarter. That number had a weighted average interest rate of 1.73 percent.
Healthcare Realty (Ticker: HR) owns about 200 properties in 28 states manages another 10.2 million square feet nationwide.