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Senior Housing Properties Trust Enters New $750 Million Bank Facility

^{Published on 2011-06-24 13:41:02 - Market Wire}
 

NEWTON, Mass.--([ BUSINESS WIRE ])--Senior Housing Properties Trust (NYSE: SNH) today announced that it has entered a new $750 million unsecured revolving credit facility. The new facility replaces SNHa™s previous $550 million unsecured revolving credit facility which had a maturity date of December 31, 2011. The maturity date of the new facility is June 24, 2015, and includes a borrowera™s option to extend the facility for one year to June 24, 2016. Interest paid on drawings under the new facility is set at LIBOR plus 160 basis points, subject to adjustments based on changes to SNHa™s credit ratings. The new facility also includes a feature under which the maximum borrowing may be increased to up to $1.5 billion in certain circumstances.

Wells Fargo Securities, LLC and RBC Capital Markets, LLC are the Joint Lead Arrangers for the new facility. As compared to SNHa™s previous facility, the number of participating banks in the new facility increased from 18 to 26 institutions. Banks participating in the new facility are as follows:

Senior Housing Properties Trust is a real estate investment trust, or REIT, which principally owns private pay senior living communities and medical office buildings located throughout the United States. SNH is headquartered in Newton, MA.

WARNING CONCERNING FORWARD LOOKING STATEMENTS

CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND FEDERAL SECURITIES LAWS. THESE INCLUDE STATEMENTS REGARDING (1) FUTURE AVAILABILITY OF BORROWINGS UNDER OUR NEW REVOLVING CREDIT FACILITY, (2) A FEATURE UNDER WHICH SNH MAY EXPAND THE MAXIMUM AVAILABILITY UNDER THE CREDIT FACILITY, AND (3) THE INTEREST PAID ON DRAWINGS UNDER THE CREDIT FACILITY. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:

• CONTINUED AVAILABILITY OF BORROWINGS UNDER THE CREDIT FACILITY IS SUBJECT TO SNHa™S SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS.
• INCREASING THE MAXIMUM BORROWINGS UNDER THE CREDIT FACILITY IS SUBJECT TO OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH COULD BE IMPACTED BY CHANGES IN OUR FINANCIAL CONDITION, THE ECONOMY OR THE CAPITAL MARKETS.
• ACTUAL ANNUAL COSTS UNDER THE CREDIT FACILITY WILL BE HIGHER THAN LIBOR PLUS A PREMIUM ON DRAWINGS BECAUSE OF OTHER FEES AND EXPENSES ASSOCIATED WITH THE CREDIT FACILITY.

SOME OF THESE FACTORS ARE BEYOND SNHa™S CONTROL. FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON SNHa™S FORWARD LOOKING STATEMENTS. EXCEPT AS MAY BE REQUIRED BY LAW, SNH DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.