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Community Healthcare Trust expands credit facility to $250M

Community Healthcare Trust Inc. boosted its credit facility to $250 million and replaced its $150 million revolving credit facility.

The amended and restated credit facility has a $150 million revolving facility and $100 million in term loans.

The revolving facility will mature August 2019 with two 12-month extension options, while $50 million of its term loans mature March 2022 and the remaining $50 million will mature in March 2024.

Outstanding amounts will bear interest under the revolving facility at LIBOR plus a margin of between 1.75% and 2.75%, and under the term loans at LIBOR plus a margin of between 2.20% and 2.90%, depending on the maturity and the company's leverage.

The credit facility also comes with an accordion feature that allows the company to increase the total borrowing capacity to $450 million as well as add and fund additional term loans. The accordion feature is subject to terms and conditions normal to revolving credit facilities.

The company borrowed $12 million under its revolving facility and $60 million under the term loans, at closing, with five-year and seven-year maturities, respectively. It has 15 months from the closing date to borrow undrawn amounts under the term loans.

Community Healthcare Trust noted that it plans to enter into swap agreements to fix the term loans' interest rates within the 4.15% to 4.55% range depending on certain factors such as maturity and company leverage.

SunTrust Robinson Humphrey, Fifth Third Bank and BB&T acted as joint lead arrangers and joint book managers. Fifth Third Bank served as syndication agent.

SunTrust Bank acted as administration agent. Other banks in the syndication include, First Tennessee Bank, Pinnacle Bank, Cadence Bank, Franklin Synergy Bank, CapStar Bank, Synovus Bank and BanCorp South Bank.