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Senior Housing Properties extends $1B revolver

Senior Housing Properties Trust amended its $1 billion unsecured revolving credit facility to extend the due date to Jan. 15, 2022, from Jan. 15, 2018.

The amended revolver also comes with a one-year extension option, subject to certain conditions, and a feature that allows the maximum borrowings to be increased to up to $2.0 billion from a prior borrowing limit of $1.5 billion. Interest on drawings on the revolver was also reduced to the London Interbank Offered Rate, or LIBOR, plus 120 basis points from LIBOR plus 130 basis points.

The company also amended its $200 million unsecured term loan due 2022 to lower the required interest rate to LIBOR plus 135 basis points from LIBOR plus 180 basis points.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC and RBC Capital Markets LLC were the joint lead arrangers for the amended revolver, with Wells Fargo Bank NA serving as administrative agent; Citibank NA and Royal Bank of Canada as co-syndication agents; and Bank of America NA, PNC Bank NA and Regions Bank as co-documentation agents.

The lending group for the revolver also includes BBVA Compass Bank, Mizuho Bank Ltd., Sumitomo Mitsui Banking Corp, BMO Harris Bank NA, Morgan Stanley Bank NA, UBS Loan Finance LLC, Associated Bank NA, First Hawaiian Bank, First Tennessee Bank NA, the Los Angeles branch of Bank of Taiwan, First Commercial Bank New York Branch, the Los Angeles branch of Land Bank of Taiwan, Taiwan Cooperative Bank Ltd. Seattle, Mega International Commercial Bank Co. and Chinatrust Commercial Bank New York Branch.

For the term loan, Wells Fargo Securities and PNC Capital Markets were the joint lead arrangers, with Wells Fargo Bank serving as administrative agent, PNC Bank as syndication agent and Mizuho Bank as documentation agent. Other lenders included Taiwan Cooperative Bank Ltd. Seattle, First Commercial Bank New York Branch, Citibank, Royal Bank of Canada and First Tennessee Bank.