Ventas (NYSE: VTR) is flush with a new $2 billion unsecured revolving line of credit that can be expanded by $500 million using an “accordion feature”.
Priced at 125 basis points over LIBOR, the facility replaces the company’s old $1 billion line that was priced at 280 basis points.
“Our NHP acquisition resulted in a stronger Ventas, with an improved balance sheet, two credit ratings upgrades and a larger, more diversified portfolio,” said Debra A. Cafaro, Ventas Chairman and Chief Executive Officer.
“All of these contributed to the successful completion of our new $2 billion revolving credit facility, reduced debt costs and our outstanding liquidity.
Additionally, we are extremely appreciative of the support from our 27 new and incumbent lenders, and pleased by the depth and breadth of capital commitments, with in excess of $2.8 billion of commitments received.”
The new credit facility matures in October 2015 and provides Ventas the ability to extend the maturity date for one year under certain conditions.
In July, Ventas competed the acquisition of Nationwide Health Properties (NYSE: NHP) in a stock for stock transaction for $7.6 billion.
In connection with the property tour of Atria-managed seniors housing communities, Ventas announced today preliminary third quarter 2011 occupancy and other information regarding its senior housing operating assets.
Average resident occupancy for the Company’s 79 communities managed by Sunrise Senior Living, Inc. (NYSE:SRZ - News) (“Sunrise”) increased to 90.6 percent in the third quarter of 2011, a 120 basis point increase from both the second quarter of 2011 and the third quarter of 2010.
Average unit occupancy for the Company’s 117 communities managed by Atria increased to 87.4 percent, compared to 86.8 percent in June 2011.