Healthcare real estate investment trust Global Medical REIT Inc. amended its credit facility to increase the overall capacity, extend the revolver's term and revise the pricing matrix, among other changes.
The facility was increased to $350 million from $340 million, comprising a $250 million revolver and a $100 million five-year term loan, along with an accordion feature that allows the company to hike the total capacity up to $500 million.
The revolver's term was extended to August 2022, with an option to extend by an additional year.
Under the new pricing matrix, the consolidated leverage ratio may not exceed 65% through Sept. 30, 2019, and 60% thereafter.
Global Medical signed an interest rate swap agreement to effectively fix the London Interbank Offered Rate component on the term loan at 2.88%.