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JPMorgan Chase, Others Upsize, Amend Global Medical REIT Credit Facility

May 06, 2021, 06:00 AM
Filed Under: Real Estate

Global Medical REIT amended and restated its credit facility to, among other things, (i) increase the Company’s overall borrowing capacity by $150 million to $750 million, (ii) reduce its borrowing costs across its pricing grid, (iii) convert to an unsecured facility, and (iv) extend the initial maturity date of the revolver component of the facility to four years (with two, six-month extension options) and the maturity date of the term loan component to five years. The amended and restated credit facility is comprised of a $400 million revolver, a $350 million term loan and a $500 million accordion feature.

The Joint Lead Arrangers and Joint Book Runners for the facility were JPMorgan Chase Bank, N.A., BMO Capital Markets Corp., Wells Fargo Securities, LLC, Citizens Bank, N.A., KeyBanc Capital Markets Inc. and Truist Securities, Inc. JPMorgan Chase Bank, N.A. serves as Administrative Agent, BMO Capital Markets Corp. and Wells Fargo Bank, N.A. serve as Syndication Agents, Citizens Bank, N.A., KeyBank National Association and Truist Bank serve as Documentation Agents and Huntington National Bank serves as Senior Managing Agent for the facility. Associated Bank, National Association and People’s United Bank, N.A. also participate in the credit facility.

Jeffrey M. Busch, Chief Executive Officer stated, “Our newly amended unsecured facility with its increased capacity and extended term provides us with the financial flexibility to support our continued growth and the lower interest rate spreads reflects our improved credit profile. As we continue to scale, we will work to improve our cost of capital to further enhance our accretive investment strategy. We’d like to thank all our banking partners for their vote of confidence in GMRE.”

The Company currently has interest rate swaps that fix the LIBOR component of the interest rate on the term loan through August 2023 and intends to enter into additional forward starting interest rate swaps to fix the LIBOR component of the interest rate on the term loan through its maturity in May 2026.

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