Health Care REIT Announces Closing of New $2.0B Unsecured Revolving Credit Facility

Health Care REIT, Inc. HCN announced today that it has closed a $2.0 billion unsecured revolving credit facility which replaces the existing $1.15 billion unsecured revolving credit facility that was scheduled to mature August 2012. Health Care REIT's new facility has a four-year term with an option to extend for an additional year at the company's discretion. Based on HCN's current credit ratings, the facility bears interest at LIBOR plus 135 basis points and has an annual facility fee of 25 basis points. Health Care REIT has an option to upsize the facility by up to an additional $500 million through an accordion feature, allowing for aggregate commitments of up to $2.5 billion.