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MedEquities Realty Trust Amends Credit Facility With Lower Borrowing Costs, Extended Maturity And $125 Million Term Loan

Montag, 13.02.2017 22:20 von PR Newswire

PR Newswire

NASHVILLE, Tenn., Feb. 13, 2017 /PRNewswire/ -- MedEquities Realty Trust, Inc. (NYSE: MRT) announced it has closed on a new $425 million secured credit facility.  The amended and restated credit agreement provides for a $300 million secured revolving credit facility and a $125 million secured term loan. The amended credit facility replaced a $300 million secured revolving credit facility, which was scheduled to mature in November 2017.

Amounts outstanding under the amended credit facility bear interest at LIBOR plus a margin between 1.75% and 3.00%, depending on the Company's leverage, for both the revolving credit facility and the term loan. The revolving credit facility matures in February 2021, with one 12-month extension option, and has an accordion feature that allows the total borrowing capacity under the credit facility to be increased to up to $700 million, including the ability to add and fund a second term loan. Both the accordion and the extension options are subject to certain conditions.  The term loan matures in February 2022. The Company has also entered into interest rate swap agreements on the full notional amount of the term loan.  The Company's forecasted all-in interest rate under the term loan is currently 3.59% and is comprised of the fixed 1.84% swap rate plus the margin under the credit facility. The new facility includes the ability to convert to an unsecured basis once minimum asset and borrowing base targets are achieved as well as certain other conditions.

Jeff Walraven, Executive Vice President and Chief Financial Officer of MedEquities, noted, "The new revolving credit facility and term loan provide substantial flexibility to our capital structure with significantly longer maturities, lower revolver borrowing costs, reduced exposure to fluctuations in short term interest rates and additional capacity to execute our acquisition plans."

At closing of the amended and restated credit agreement, the Company borrowed $31.5 million under the secured revolving credit facility and $125 million under the secured term loan to repay, in full, all outstanding amounts due under the prior facility. Based on the current borrowing base assets, the Company had approximately $101 million of available borrowing capacity under the revolving credit facility.

KeyBanc Capital Markets, JPMorgan Chase Bank and CitiGroup Global Markets served as co-lead arrangers and co-bookrunners. JPMorgan Chase Bank and CitiBank served as co-syndication agents. Capital One served as documentation agent. KeyBank National Association served as administrative agent. Other banks in the syndicate included Fifth Third Bank, Citizens Bank, Raymond James Bank, Royal Bank of Canada, Cadence Bank, Hancock Whitney Bank, Pinnacle Bank, CapStar Bank and Renasant Bank.

About MedEquities Realty Trust

MedEquities Realty Trust (NYSE: MRT) is a self-managed and self-administered real estate investment trust that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments. The Company's management team has extensive industry experience in acquiring, owning, developing, financing, operating, leasing and monetizing many types of healthcare properties and portfolios. MedEquities' strategy is to become an integral capital partner with high-quality and growth-oriented facility-based providers of healthcare services on a nationwide basis, primarily through net-leased real estate investment. For more information, please visit

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "will" and variations of these words and other similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and/or could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.  Forward-looking statements involve inherent uncertainty and may ultimately prove to be incorrect or false. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, see the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" included in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, which was filed with the with the Securities and Exchange Commission (the "SEC") on November 10, 2016, and other documents filed by the Company with the SEC. You are cautioned to not place undue reliance on forward-looking statements. Except as otherwise may be required by law, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or actual operating results.

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SOURCE MedEquities Realty Trust, Inc.