INDIANAPOLIS, Oct. 4 /PRNewswire-FirstCall/ -- Windrose Medical Properties Trust , a self-managed specialty medical properties REIT, announced today that it has renewed and amended its $50 million secured credit facility. Huntington National Bank, based in Columbus, OH, is the lead agent and administrative bank, and plans to syndicate the facility. All borrowings under this credit facility, other than the letters of credit, are secured by an asset pool. The $50 million base facility has rates of LIBOR plus 1.50% - 2.50% depending on the leverage ratio. In addition to the $50 million base facility, a $20 million accordion feature allows for the Company to request an increase of the base facility to $70 million to the extent that participating lenders in the syndicated credit facility elect to increase their commitments under the credit facility. Further, the facility provides for an additional $10 million to acquire real estate assets, and provides for $3 million under unsecured letters of credit.
Fred S. Klipsch, Chairman and Chief Executive Officer, stated, “We are pleased to renew our secured credit facility with Huntington, which has provided lead banker support for Windrose since its initial public offering in 2002. The $20 million accordion feature provides the continued financial capacity to execute our acquisition strategy. We are confident that the bank credit facility will be syndicated based on the interest by financial institutions looking to support the Company’s other activities, including development. Until that time, Huntington has committed the full amount of the facility. The interest rates are an improvement compared to the recently expired facility, and the terms provide the Company with greater flexibility.”
About Windrose
Windrose is a self-managed Real Estate Investment Trust (REIT) based in Indianapolis, Indiana with offices in Nashville, Tennessee. Windrose was formed to acquire, selectively develop and manage specialty medical properties, such as medical office buildings, outpatient treatment diagnostic facilities, physician group practice clinics, ambulatory surgery centers, specialty hospitals, outpatient treatment centers and other healthcare related specialty properties.
Safe Harbor
Some of the statements in this news release constitute forward-looking statements. Such statements include, in particular, statements about our beliefs, expectations, plans and strategies that are not historical facts. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are beyond our control, which may cause our actual results to differ significantly from those expressed in any forward-looking statement. The factors that could cause actual results to differ materially from current expectations include financial performance and condition of our lessees, adverse changes in healthcare laws, changes in economic and general business conditions, competition for specialty medical properties, our ability to finance our operations, the availability of additional acquisitions, regulatory conditions and other factors described from time to time in filings we make with the Securities and Exchange Commission. The forward-looking statements contained herein represent our judgment as of the date hereof and we caution readers not to place undue reliance on such statements. We do not undertake to publicly update or revise any forward-looking statement whether as a result of new information, future events or otherwise.
Contact: Windrose Medical Properties Trust Fred Farrar President and COO 317 860-8213 Investors/Media: The Ruth Group Stephanie Carrington/Jason Rando 646 536-7017/7025 scarrington@theruthgroup.comjrando@theruthgroup.com
Windrose Medical Properties Trust
CONTACT: Fred Farrar, President and COO of Windrose Medical PropertiesTrust, +1-317-860-8213; or Investors, Stephanie Carrington, +1-646-536-7017scarrington@theruthgroup.com, or Jason Rando, +1-646-536-7025,jrando@theruthgroup.com, both of The Ruth Group for Windrose MedicalProperties Trust
