EX-99.1 3 a13-20164_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

FOR IMMEDIATE RELEASE

 

 

Contact:

 

Timothy A. Bonang, Vice President, Investor Relations, or

 

Elisabeth H. Olmsted, Manager, Investor Relations

 

(617) 796-8234

 

www.snhreit.com

 

Senior Housing Properties Trust Extends Term and

Reduces Interest Rate and Fees on Credit Facility

 

 

Newton, MA (September 4, 2013):  Senior Housing Properties Trust (NYSE: SNH) today announced that it has amended its existing $750 million unsecured revolving credit facility.

 

Prior to the amendment, SNH’s credit facility had a maturity date of June 24, 2015 and interest paid on drawings was LIBOR plus 160 basis points, subject to adjustments based on changes to SNH’s credit ratings.  The maturity date of the amended credit facility is extended to January 15, 2018 and interest paid on drawings is reduced to LIBOR plus 130 basis points, subject to adjustments based on changes to SNH’s credit ratings.  In addition, the facility fee was reduced from 35 basis points to 30 basis points per annum on the total amounts of lending commitments.

 

The amended credit facility includes a borrower’s option to further extend the facility for an additional one year to January 15, 2019.  In addition, the amended facility also includes a feature under which maximum borrowings may be increased up to $1.5 billion in certain circumstances.

 

Wells Fargo Securities, LLC, RBC Capital Markets and Citigroup Global Markets Inc. served as Joint Lead Arrangers and Joint Lead Bookrunners for the amended credit facility. Banks participating in the amended credit facility are as follows:

 

Name of Institution

 

Facility Title

 

 

 

Wells Fargo Bank, N.A.

 

Administrative Agent

 

 

 

Royal Bank of Canada

 

Syndication Agent

 

 

 

Citigroup N.A.

 

Syndication Agent

 

 

 

Bank of America, N.A.

 

Documentation Agent

 

 

 

Regions Bank

 

Documentation Agent

 

 

 

Compass Bank

 

Documentation Agent

 

GRAPHIC

 


 

PNC Bank, National Association

 

Lender

 

 

 

RBS Citizens, N.A.

 

Lender

 

 

 

Capital One, N.A.

 

Lender

 

 

 

Comerica Bank

 

Lender

 

 

 

Sumitomo Mitsui Banking Corporation, New York

 

Lender

 

 

 

TD Bank, N.A.

 

Lender

 

 

 

Mizuho Bank, Ltd.

 

Lender

 

 

 

Sovereign Bank

 

Lender

 

 

 

Taiwan Cooperative Bank Ltd. Seattle

 

Lender

 

 

 

Mega International Commercial Bank Co., Ltd. Los Angeles Branch

 

Lender

 

 

 

Mega International Commercial Bank Co., Ltd. New York Branch

 

Lender

 

 

 

Bank of Taiwan, Los Angeles Branch

 

Lender

 

 

 

First Hawaiian Bank

 

Lender

 

 

 

First Tennessee Bank N.A.

 

Lender

 

 

 

Land Bank of Taiwan Los Angeles Branch

 

Lender

 

 

 

ChinaTrust Commercial Bank LTD., New York Branch

 

Lender

 

 

 

First Commercial Bank, New York Branch

 

Lender

 

 

 

Jefferies Finance LLC

 

Lender

 

 

 

Morgan Stanley Bank, N.A.

 

Lender

 

 

 

UBS A.G. Stamford Branch

 

Lender

 

SNH is a real estate investment trust, or REIT, that owned 395 properties located in 40 states and Washington, D.C. as of June 30, 2013. SNH is headquartered in Newton, MA.

 

WARNING CONCERNING FORWARD LOOKING STATEMENTS

 

THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS.  ALSO, WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS.  THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR.  ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS.  FOR EXAMPLE:

 

·                  THIS PRESS RELEASE STATES THE AMOUNT OF THE REVOLVING CREDIT FACILITY.  HOWEVER, CONTINUED AVAILABILITY OF BORROWINGS UNDER THE REVOLVING CREDIT

 

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FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS.

 

·                  THIS PRESS RELEASE STATES THAT THE MAXIMUM BORROWINGS MAY BE INCREASED UP TO $1.5 BILLION IN CERTAIN CIRCUMSTANCES.  INCREASING THE MAXIMUM BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY IS SUBJECT TO OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH MAY NOT OCCUR.

 

THE INFORMATION CONTAINED IN OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER THE CAPTION “RISK FACTORS” IN OUR PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE DIFFERENCES FROM OUR FORWARD LOOKING STATEMENTS. OUR FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV.

 

YOU SHOULD NOT PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING STATEMENTS.

 

EXCEPT AS REQUIRED BY LAW, WE DO NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

 

(END)

 

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