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Lending Syndicate Upsizes Credit Facility for DRI Healthcare Trust

April 25, 2022, 07:17 AM
Filed Under: Healthcare

DRI Healthcare Trust announced that a subsidiary of the Trust has entered into an amended and restated credit agreement with a syndicate of banks regarding US$350 million of credit facilities. The Amended Agreement increases the capacity of the credit facilities announced on October 22, 2021, through a new tranche consisting of a delayed draw term loan of US$150 million. The Facilities have a maturity date of October 22, 2024, and are secured by all of the assets of the Trust and most of its subsidiaries. As at the date hereof, US$71.0 million is drawn on the Facilities.

The lending syndicate is comprised of Canadian Imperial Bank of Commerce and HSBC Bank Canada as Co-Lead Arrangers, and includes Royal Bank of Canada; The Bank of Nova Scotia; Bank of America; National Bank of Canada; and JP Morgan Chase Bank.

"We are very pleased to have the continued support of our lenders as we pursue our growth strategy," stated Behzad Khosrowshahi, Chief Executive Officer of DRI Healthcare Trust. "Given the robust activity in our market, this additional capital positions us well to act on opportunities to grow our portfolio."




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