Capstone Capital announces an increase in bank credit facility; Obtains financing for Sunrise Mountainview Medical Center.BIRMINGHAM, Ala.--(BUSINESS WIRE)--June 27, 1996--Capstone Capital Corp. (NYSE NYSE See: New York Stock Exchange : CCT CCT Circuit CCT Commission Canadienne du Tourisme (Canadian Tourism Commission) CCT Correlated Color Temperature CCT Common Customs Tariff (EU) CCT Certificate of Completion of Training ) announced today that it has increased its bank credit facility to $150 million from $100 million. A syndicate of eight banks, led by NationsBank, makes up the participants in the credit facility. The credit facility bears interest at a rate between 100 and 162 1/2 basis points above LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). , depending on Capstone's senior debt to total capital ratio. Capstone's previous facility bore interest at a rate between 125 and 200 basis points above LIBOR. In addition, the maturity of the line was extended from 1997 to 1999. The Company also announced that it has obtained mortgage financing for its Sunrise Mountainview Medical Center facility, a 200,000 square foot ancillary hospital facility located on the campus of Columbia/HCA's newly constructed Sunrise Mountainview Hospital in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The financing is a $23,000,000, 8 1/2% fixed-rate, non-recourse loan from Union Labor Life Insurance Company The Union Labor Life Insurance Company (ULLICO) is a privately held life and health insurance company in the United States. ULLICO was founded in 1925 by the American Federation of Labor (AFL), which wanted to offer working people affordable health and life insurance. . Proceeds from this financing will be used to reduce the amount borrowed under its bank credit facility. John W. McRoberts, president and chief executive officer, commented, "The favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms of the new bank credit facility are a result of our successful track record since our inception two years ago and the enhanced quality of our balance sheet. The financing of our Sunrise Mountainview Medical Center provides for long-term fixed-rate debt on a non-recourse basis and frees up additional capacity under the bank credit facility." Capstone Capital Corp. is a self-administered real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). which currently owns, leases and provides mortgage financing for 47 healthcare related properties located in 13 states that are diversified as to operator, facility type and healthcare segment. CONTACT: Andrew L. Kizer Chief Financial Officer 205/967-2092 or Robert P. Jones/Sue Rodney Media Contact: Michelle Zawrotny Morgen-Walke Associates 212/850-5600 |
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