COMMUNITY HEALTHCARE TRUST INCORPORATED (NYSE:CHCT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
Company), through its operating partnership, Community Healthcare
OP, LP (the Operating Partnership or Borrower), entered into a
second amended and restated credit agreement (the Second Amended
and Restated Credit Agreement) with a syndicate of lenders co-led
by SunTrust Robinson Humphrey Inc., BBT, Fifth Third Bank, under
which SunTrust Bank serves as administrative agent and Fifth
Third Bank serves as syndication agent.
further detail in Item 2.03 below.
contained herein does not purport to be complete and is qualified
in its entirety by reference to the full text of the Second
Amended and Restated Credit Agreement that will be filed with the
Securities and Exchange Commission as an exhibit to the Companys
Quarterly Report on Form 10-Q for the quarter ending March 31,
2017.
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
on Form 8-K is incorporated by reference into this Item 2.03.
restates the Amended and Restated Credit Agreement dated as of
August 10, 2016 by and among the Borrower, the Company and the
several banks and financial institutions listed above
(collectively, the Lenders) to which the Lenders provides for a
$150.0 million revolving credit facility in favor of the Borrower
(the Revolving Facility) and $100.0 million in term loans (the
“Term Loans”). The Second Amended and Restated Credit Agreement,
through the accordion feature, allows borrowings up to a total of
$450.0 million, including the ability to add and fund additional
term loans (the Second Amended and Restated Facility).
includes two 12-month extension options;
amount of $50.0 million (the 5-Year Term Loan) which matures in
March 2022;
amount of $50.0 million (the 7-Year Term Loan) which matures in
March 2024; and
additional capacity, subject to the satisfaction of customary
terms and conditions, including obtaining additional commitments
from Lenders, of up to $200.0 million.
delayed draw feature that is available in up to three (3) draws
within fifteen (15) months from March 29, 2017, subject to a
minimum draw of $10.0 million and pro forma compliance.
interest at a floating rate equal to (x) LIBOR plus (y) a margin
ranging from 1.75% to 2.75% (currently, 2.25%) and under the Term
Loans will bear annual interest at a floating rate equal to (x)
LIBOR plus (y) a margin ranging from 2.20% to 2.90% (currently
2.20% for the 5-Year Term Loan and 2.40% for the 7-Year Term
Loan). Payments under the Second Amended and Restated Facility
are interest only, with the full amount of the principal due at
maturity. The Second Amended and Restated Facility may be prepaid
at any time, without penalty.
Restated Facility is subject to its ongoing compliance with a
number of customary affirmative and negative covenants, including
limitations with respect to liens, indebtedness, distributions,
mergers, consolidations, investments, restricted payments and
asset sales, as well as financial maintenance covenants. The
Second Amended and Restated Facility includes customary events of
default, the occurrence of which, subject to certain cure
periods, permits the Lenders to terminate commitments to lend
under the Second Amended and Restated Facility and accelerate
payment of all amounts outstanding thereunder.
that fix the interest rates on the 5-Year Term Loan and 7-Year
Term Loan. Based on current conditions, this will result in fixed
interest rates under the 5-Year Term Loan and 7-Year Term Loan in
the range of 4.15% to 4.55% depending on the maturity, the
Companys leverage, and other factors.
the closing of the Second Amended and Restated Credit Agreement.
A copy of this press release is furnished as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by
reference in its entirety.
99.1, shall not be deemed filed for purposes of Section 18 of the
Exchange Act, or otherwise subject to the liabilities under that
section and shall not be deemed to be incorporated by reference
into any filing under the Securities Act of 1933, as amended, or
the Exchange Act.
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Exhibit
Number
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Description
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99.1
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Press release dated March 30, 2017
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About COMMUNITY HEALTHCARE TRUST INCORPORATED (NYSE:CHCT)
Community Healthcare Trust Incorporated is an integrated healthcare real estate company. The Company owns and acquires, or finances, real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers in non-urban markets. The Company holds interests in approximately 40 real estate properties and mortgage notes, located in over 20 states, totaling approximately 789,500 square feet. Its medical offices are located in Alabama, Florida, Georgia, Illinois, Kansas, Kentucky, Ohio and Texas. The Company’s physician clinics are located in Alabama, Arizona, Florida, Kansas, Pennsylvania, Virginia and Wisconsin. Its ambulatory surgery centers are located in Arizona, Colorado, Michigan, Ohio, Pennsylvania, South Carolina and Texas. The Company’s dialysis clinics are located in Colorado, Georgia, Kentucky, Ohio, Tennessee and Texas. The Company’s oncology centers are located in Alabama. Its behavioral facilities are located in Indiana. COMMUNITY HEALTHCARE TRUST INCORPORATED (NYSE:CHCT) Recent Trading Information
COMMUNITY HEALTHCARE TRUST INCORPORATED (NYSE:CHCT) closed its last trading session down -0.04 at 23.19 with 24,912 shares trading hands.
