Senior Housing Properties Trust Increases Bank Facility to $550 Million and Extends Maturity to November 30, 2009.NEWTON, Mass. -- Senior Housing Properties Trust (NYSE NYSE See: New York Stock Exchange : SNH SNH Scottish Natural Heritage SNH Sunday Night Heat (wrestling) SNH Society for Netherlandic History SNH Supervision Network Hub ) today announced that it has increased and extended the maturity of its revolving bank credit facility. Prior to the changes, SNH's credit facility permitted maximum borrowings of $250 million and had a maturity of November 30, 2005. As a result of today's amendment, the maximum borrowings are increased to $550 million and the maturity date is extended to November 30, 2009, and SNH has an option to extend the facility for one year to November 30, 2010. The amended facility also permits a further increase to $1.1 billion in certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Several additional changes were made to the terms of the facility. Interest paid on drawings under the facility was reduced from LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 145 basis points to LIBOR plus 100 basis points, subject to adjustments based on changes to SNH's leverage ratio and credit ratings. Certain financial and other covenants in the facility were also amended to reflect current market conditions. Wachovia Securities Wachovia Securities, located in Richmond, Virginia (soon to be moved to St. Louis), is the third largest brokerage firm in the United States as of 2006 with $689 billion retail client assets under management. It is a subsidiary of Wachovia Corporation. acted as sole Lead Arranger Lead arranger The senior tier of arranger for the increase and extension of the bank facility. As part of the amendment to the facility, the number of participating lenders increased from eight to 19 institutions. Lenders participating in the amended credit facility are as follows: Name of Institution Facility Title ------------------- -------------- Wachovia Securities Administrative Agent ING Real Estate Finance (USA) LLC Syndication Agent Citizens Bank of Massachusetts Syndication Agent Royal Bank of Canada Documentation Agent Calyon Documentation Agent UBS Loan Finance LLC Managing Agent TD Banknorth, N.A. Managing Agent Bank of Montreal Managing Agent Emmigrant Savings Bank Lender Sumitomo Mitsui Banking Corporation Lender Allied Irish Banks, p.l.c. Lender Wells Fargo Bank, National Association Lender The International Commercial Bank of China Lender Chevy Chase Bank Lender Merrill Lynch Capital Corporation Lender Societe Generale Lender ChinaTrust Commercial Bank Lender Comerica Bank Lender Chiao Tung Bank Co., Ltd Lender Senior Housing Properties Trust is a real estate investment trust, or REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , that owns senior living properties located throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . SNH is headquartered in Newton, Massachusetts The City of Newton in Middlesex County, Massachusetts, is an important residential suburb of Boston, which abuts it on the east. According to the 2000 census, the population of the Newton was 83,829, making it the tenth largest city in the state. . WARNING CONCERNING FORWARD LOOKING STATEMENTS CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT ARE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995 AND FEDERAL SECURITIES LAWS. THESE INCLUDE STATEMENTS REGARDING FUTURE AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. FACILITY AND A FEATURE UNDER WHICH SNH MAY EXPAND THE MAXIMUM AVAILABILITY UNDER THE CREDIT FACILITY. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE, CONTINUED AVAILABILITY OF BORROWINGS UNDER THE CREDIT FACILITY IS SUBJECT TO SNH'S SATISFYING CERTAIN FINANCIAL COVENANTS AND MEETING OTHER CUSTOMARY CONDITIONS. SIMILARLY, SNH'S INCREASING THE MAXIMUM AVAILABILITY IS SUBJECT TO OBTAINING ADDITIONAL COMMITMENTS FROM LENDERS, WHICH COULD BE IMPACTED BY CHANGES IN OUR FINANCIAL CONDITION, THE ECONOMY OR THE CAPITAL MARKETS. MANY OF THESE FACTORS ARE BEYOND SNH'S CONTROL. FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS. EXCEPT AS MAY BE REQUIRED BY LAW, SNH DOES NOT INTEND TO IMPLY THAT IT WILL UPDATE OR REVISE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. |
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