FRANKLIN, Tenn., Oct. 16,
2024 /PRNewswire/ -- Community Healthcare Trust
Incorporated (NYSE: CHCT) (the "Company") today announced that it
has closed on an amended 5-year $400
million senior unsecured revolving line of credit (the
"Revolving Facility") with the Second Amendment to the Company's
Third Amended and Restated Credit Agreement (the "Refinancing
Transaction"). This amended $400
million Revolving Facility will significantly increase the
Company's liquidity compared to the previous $150 million senior unsecured revolving line of
credit. Additionally, this Refinancing Transaction extends the
Company's debt maturity profile with the next debt maturity not
being until March 2028. Finally, the
Company also achieved improved, lower pricing on the Revolving
Facility of 10 to 30 basis points depending on the applicable
leverage ratio. The Company's Revolving Facility is supported by 12
financial institutions with Truist Bank continuing to be the
Administrative Agent.
Proceeds from the increased Revolving Facility were used to
repay the existing seven-year term loan facility in the aggregate
principal amount of $75.0 million
(the "A-3 Term Loan"), which was scheduled to mature on
March 29, 2026. In addition,
approximately $123.0 million that was
outstanding under the Revolving Facility prior to October 16, 2024 will remain outstanding under
the Revolving Facility pursuant to the Refinancing Transaction.
As amended by the Refinancing Transaction, amounts outstanding
under the Revolving Facility will bear annual interest at a
floating rate that is based, at the Company's option, on either:
(i) adjusted term SOFR or adjusted daily simple SOFR (each as
defined in the Credit Agreement) plus 1.15% to 1.75% or (ii) a
base rate (as defined in the Credit Agreement) plus 0.15% to 0.75%
in each case, depending upon the Company's leverage ratio. Amounts
outstanding under the A-4 Term Loan and A-5 Term Loan will continue
to bear annual interest at a floating rate that is based, at the
Company's option, on either: (i) adjusted term SOFR or
adjusted daily simple SOFR (each as defined in the Credit
Agreement) plus 1.65% to 2.30% or (ii) a base rate
(as defined in the Credit Agreement) plus 0.65% to 1.30%,
in each case, depending upon the Company's leverage ratio. The
Company previously entered into interest rate swaps to fix the
interest rates on the A-3 Term Loan, A-4 Term Loan and A-5 Term
Loan, with the interest rate swaps on the A-3 Term Loan remaining
in place to fix the interest rates on a portion of the borrowings
now under the Revolving Facility.
About Community Healthcare Trust Incorporated
Community Healthcare Trust Incorporated (the "Company") is a
real estate investment trust that focuses on owning
income-producing real estate properties associated primarily with
the delivery of outpatient healthcare services in our target
sub-markets throughout the United
States.
Cautionary Note Regarding Forward-Looking Statements
In addition to the historical information contained within,
the matters discussed in this press release may contain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are generally identifiable by
use of forward-looking terminology such as "believes", "expects",
"may", "will," "should", "seeks", "approximately", "intends",
"plans", "estimates", "anticipates" or other similar words or
expressions, including the negative thereof. Forward-looking
statements are based on certain assumptions and can include future
expectations, future plans and strategies, financial and operating
projections or other forward-looking information. Such
forward-looking statements reflect management's current beliefs and
are based on information currently available to management. Because
forward-looking statements relate to future events, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of the control of Community Healthcare Trust Incorporated
(the "Company"). Thus, the Company's actual results and financial
condition may differ materially from those indicated in such
forward-looking statements. Some factors that might cause such a
difference include the following: general volatility of the capital
markets and the market price of the Company's common stock, changes
in the Company's business strategy, availability, terms and
deployment of capital, the Company's ability to refinance existing
indebtedness at or prior to maturity on favorable terms, or at all,
changes in the real estate industry in general, interest rates or
the general economy, adverse developments related to the healthcare
industry, changes in governmental regulations, the degree and
nature of the Company's competition, the ability to consummate
acquisitions under contract, catastrophic or extreme weather and
other natural events and the physical effects of climate change,
the occurrence of cyber incidents, effects on global and national
markets as well as businesses resulting from increased inflation,
changes in interest rates, supply chain disruptions, labor
conditions, the conflicts in Ukraine and the Middle East, and/or uncertainties related to
the 2024 U.S. presidential election, and the other factors
described in the section entitled "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2023, and the Company's other
filings with the Securities and Exchange Commission from time to
time. Readers are therefore cautioned not to place undue reliance
on the forward-looking statements contained herein which speak only
as of the date hereof. The Company intends these forward-looking
statements to speak only as of the time of this press release and
undertakes no obligation to update forward-looking statements,
whether as a result of new information, future developments, or
otherwise, except as may be required by law.
CONTACT Bill Monroe,
615-771-3052
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SOURCE Community Healthcare Trust Incorporated