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Key Bank Agents American Realty Capital Healthcare’s $755MM Facility

July 26, 2013, 07:26 AM
Filed Under: Real Estate

American Realty Capital Healthcare Trust, Inc. announced that on Jul. 24, through its operating partnership, it entered into an amended and restated credit agreement relating to its previously announced credit facility. The amended credit facility provides for aggregate borrowings of up to $755.0 million. Key Bank National Association, JPMorgan Chase Bank, N.A. and Bank of Montreal are part of the lending syndicate, among others.

The $755.0 million credit facility contains a $500.0 million term loan component and a $255.0 million revolving loan component. Through an "accordion feature," ARC Healthcare, subject to certain conditions, may increase its borrowings under the term loan component of the credit facility to up to $750.0 million and under the revolving loan component to up to $450.0 million, or total borrowings of up to $1.2 billion. The Company has guaranteed the obligations under the credit facility. The Company expects to use some of the financing available under the credit facility along with cash on hand from its recently completed initial public offering to finalize its portfolio acquisitions.

Key Bank National Association will act as Administrative Agent for the amended credit facility and J.P Morgan Securities LLC and BMO Capital Markets will act as Joint Lead Arrangers, among others.

Thomas P. D'Arcy, Chief Executive Officer of American Realty Capital Healthcare Advisors, LLC, commented, "We are pleased to announce the continuing commitment shown to us by our lending syndicate. With up to $1.2 billion of aggregate borrowings under our credit facility, we will have substantial balance sheet capacity to execute our investment strategy as we complete our acquisition program and review our strategic initiatives."

ARC Healthcare is a publicly registered, non-traded real estate investment program that qualified as a real estate investment trust for tax purposes beginning in the taxable year ended December 31, 2011.

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