Unsecured credit

Welltower Announces $ 4.7 Billion Extended Unsecured Credit Facility

TOLEDO, Ohio, June 8, 2021 / PRNewswire / – Welltower® Inc. (NYSE: WELL) (the “Company” or “Welltower”) announced today that it has closed a $ 4.0 billion an unsecured revolving line of credit (“Revolving Facility”) which will replace the Company’s existing line of credit of approximately $ 3.0 billion. The revolving facility was backed by 31 existing and new financial institutions and was significantly oversubscribed. The Company has two existing facilities (the “Term Facilities”) which will remain in circulation; a $ 500 million term loan and a CAD 250 million term loan ($ 206.6 million at the exchange rates of June 2, 2021).

The revolving facility is made up of a $ 1.0 billion tranche that expires on June 4, 2023 and one $ 3.0 billion tranche that expires on June 4, 2025. The two tranches may be extended by two successive six-month periods at the option of the Company. The term facilities expire on July 19, 2023. Based on Welltower’s current credit ratings, loans under the revolving facility bear interest at LIBOR plus 77.5 basis points, which is a five basis point improvement over the price of the previous line. unsecured revolving credit facility of the Company. In addition, the revolving facility allows a reduction in the interest rate when certain reductions in greenhouse gas emissions are achieved. The revolving facility has an annual facility fee of 15 basis points.

Welltower has the ability to increase the Revolving Facility and USD Term Loan to an additional $ 1.25 billion, in total, and the CAD Term Loan to an additional $ 250 million. Closing the revolving facility increases the total available credit of the Company, assuming all additional facilities are funded, to more than $ 6 billion generally. The Company is authorized to borrow up to $ 1.0 billion of the revolving facility in other currencies.

“Today’s announcement demonstrates our continued focus on generating returns for shareholders through a strong balance sheet and liquidity profile. This transaction also highlights the extraordinary support from our financial partners and we appreciate the significant commitment offered by the 31 participating financial institutions, ”said Tim McHugh, Chief Financial Officer of Welltower. “The increased capacity and new extended term enhance our financial flexibility and illustrate Welltower’s exceptional access to capital and a strong balance sheet.”

BofA Securities, Inc., JPMorgan Chase Bank, NA, KeyBanc Capital Markets Inc. and Wells Fargo Securities LLC were the US co-arrangers and BofA Securities, Inc., JPMorgan Chase Bank, NA, KeyBanc Capital Markets Inc. and RBC Capital Markets were the principal Canadian arrangers. The National KeyBank Association is the administrative agent. BofA Securities, Inc. and JPMorgan Chase Bank, NA were the joint bookkeepers and Bank of America, NA and JPMorgan Chase Bank, NA were the co-syndication agents. Crédit Agricole Corporate and Investment Bank was the Sustainable Development Structuring Agent.

About the well tower

Welltower Inc. (NYSE: WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of healthcare infrastructure. The company invests with leading operators of senior housing, post-acute care providers and healthcare systems to fund the real estate infrastructure needed to scale up innovative healthcare delivery models and improve welfare. being people and the whole experience of health care. Welltower®, a real estate investment trust (“REIT”), holds interests in properties concentrated in key high growth markets of United States, Canada, and the UK, consisting of senior housing, post-acute care communities and outpatient medical properties. More information is available at www.welltower.com.

Forward-looking statements

This press release may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as “may”, “will intend”, “should”, “should believe ”,“ Expect ”,“ anticipate ”,“ project ”,“ estimate ”or similar expressions which do not relate only to historical matters, they are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower’s actual results to differ materially from Welltower’s expectations discussed in the forward-looking statements. This may be the result of various factors including, but not limited to, the factors discussed in Welltower’s reports filed from time to time with the SEC. Welltower assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, or to update the reasons why actual results may differ from those projected in forward-looking statements.

SOURCE Welltower Inc.

Related links

http://www.welltower.com


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