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Welltower Announces Upsizing and Maturity Extension of $6.25 Billion Senior Unsecured Line of Credit

WELL
  • Welltower Inc. closed on an amended $6.25 billion senior unsecured revolving line of credit.
  • The amendment upsized the facility & extended maturities, achieving a 15 bps improvement in pricing.
  • Concurrent with the closing, the Company repaid its existing $1 billion USD term loan & $250 million CAD term loan using cash on hand.
  • Moody's revised Welltower's credit rating outlook to positive from stable, citing improved credit metrics & rapid deleveraging.
  • The new facility consists of a $4.25 billion Revolving A Tranche maturing March 6, 2030, & a $2.0 billion Revolving B Tranche maturing July 24, 2029.
  • Each tranche may be extended for two successive six-month terms.
  • Loans bear interest at 67.5 basis points over SOFR with an annual facility fee of 12.5 basis points.
  • Welltower retains the ability to upsize the facility by up to an additional $1.25 billion.
  • Total available credit facilities now aggregate approximately $7.5 billion.
  • The refinancing involved 28 existing banks & 4 new financial institutions.
  • KeyBank National Association served as administrative agent & L/C issuer.
  • BofA Securities, JPMorgan Chase, Wells Fargo, KeyBanc, RBC Capital Markets, & Crédit Agricole served as joint bookrunners, lead arrangers, & sustainability structuring agents.