NHP Announces New $400 Million Unsecured Line Of Credit
NEWPORT BEACH, Calif., April 15 /PRNewswire-FirstCall/ -- Nationwide Health Properties, Inc.'s today announced that the Company closed on a new $400 million multi-year unsecured revolving line of credit with a group of 15 lenders.
Syndication of the line of credit was led by J.P. Morgan Securities, Inc. and Bank of America Securities LLC. J.P. Morgan will act as Administrative Agent for the credit facility while Bank of America will act as Syndication Agent and Key Bank, UBS and Wells Fargo Bank were named as Documentation Agents.
Commenting on the new line of credit, Douglas M. Pasquale, Executive Vice President and Chief Operating Officer of NHP, said, "We have significantly increased the size of the Company's prior bank line by $250 million. The new line will provide tremendous financial flexibility to NHP as well as provide a strong platform for our renewed growth program. We are very pleased with the syndication effort that brought in nine new banks and the expanded commitment of our six existing lenders."
The Company's new credit facility has a three-year term with a one-year extension option available at NHP's option and the all-in pricing was reduced 12.5 basis points.
Nationwide Health Properties, Inc. is a real estate investment trust that invests in health care facilities. The Company and its joint venture have investments in 398 facilities in 38 states. For more information on Nationwide Health Properties, Inc., visit the Company's website at http://www.nhp-reit.com/.
Certain information contained in this news release, especially that related to the proposed investment described above, includes forward-looking statements. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are not statements of historical facts. These statements may be identified, without limitation, by the use of forward looking terminology such as "may," "will," "anticipates," "expects," "believes," "intends," "should" or comparable terms or the negative thereof. All forward-looking statements included in this news release are based on information available to us on the date hereof. These statements speak only as of the date hereof, and we assume no obligation to update such forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include (without limitation) the following: failure to negotiate acceptable definitive documentation or consummate one or more of the expected closings due to the inability to obtain third party consents or otherwise; continued deterioration of the operating results or financial condition, including bankruptcies, of our tenants; occupancy levels at certain facilities; changes in the ratings of our debt securities; access to the capital markets and the cost of capital; government regulations, including changes in the reimbursement levels under the Medicare and Medicaid programs; the general distress of the healthcare industry; the effect of economic and market conditions and changes in interest rates; the amount and yield of any additional investments; the ability of our operators to repay deferred rent or loans in future periods; the ability of our operators to obtain and maintain adequate liability and other insurance; our ability to attract new operators for certain facilities; our ability to sell certain facilities for their book value; changes in tax laws and regulations affecting real estate investment trusts; and the risk factors described in our annual report on Form 10-K filed with the SEC on March 9, 2004.
For further information, please contact Mark L. Desmond, Senior Vice President & CFO of Nationwide Health Properties, Inc., +1-949-718-4400.
Nationwide Health Properties, Inc.CONTACT: Mark L. Desmond, Senior Vice President & CFO of NationwideHealth Properties, Inc., +1-949-718-4400
Web site: http://www.nhp-reit.com/