HCP, Inc. (NYSE: HCP) established today so it has closed an amended and restated credit contract providing for the $2.5 billion unsecured revolving credit facility and a unique $250 million unsecured term loan center (collectively, the “Credit places”).
The amendment and restatement increased how big is the unsecured revolving credit facility from $2.0 billion to $2.5 billion , extended the readiness date of this unsecured revolving credit facility to might 23, 2023 with two 6-month expansion choices, and paid off HCP’s borrowing expenses. At the time of closing, the unsecured revolving credit facility bears interest at a level per year corresponding to LIBOR plus 82.5 foundation points and contains a center fee on the entire revolving commitment of 15 basis points per year, each centered on HCP’s current credit scores.
In addition, the unsecured revolving credit facility incorporates a sustainability-linked rates grid that decreases the borrowing spread if specific benchmarks are accomplished every year.
The term that is unsecured center includes a 90-day delayed-draw function, permitting term loans in a aggregate principal amount all the way to $250 million become drawn during such period. Any such term loans will grow may 23, 2024 . The interest rate applicable to the unsecured term loan facility would have been a rate per annum equal to LIBOR plus 90 basis points, based on HCP’s current credit ratings as of closing. read more