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Rating Action: Moody's assigns Baa1 to ProMedica Health System's (OH) Ser. New York, October 15, 2018 -- Moody's Investors Service has assigned Baa1 ratings to ProMedica Health System's proposed Hospital Revenue Bonds, Series 2018A ($245.6 million) and Taxable Bonds, Series 2018B ($1.2 billion). ProMedica Health System's transformative acquisition of HCR ManorCare (ManorCare) doubled the organization's revenue, materially increased leverage and diluted liquidity.
MISSISSAUGA, ON , Sept. 12, 2018 /CNW/ - CHARTWELL Retirement Residences ("Chartwell") (CSH-UN.TO) and Welltower Inc. will invest in the development of Chartwell Guildwood Retirement Residence, located within the historic Guildwood neighbourhood of Toronto . The retirement residence will include independent living apartments, independent supportive living suites and a dedicated Memory Living neighbourhood for those with memory impairment requiring a secure, supportive and specialized living environment. Chartwell Guildwood will feature architectural elements inspired by the local long established historic Guildwood Village and incorporate biophilic design considerations intended to maintain the innate connection between residents and nature promoting health and supporting wellbeing. Among many amenity offerings, unique resident amenities will include a music room, indoor pool, art room and various dining venues. The residence will be pet friendly with walking paths and a pet wash.
Moody's Investors Service has downgraded ProMedica Health System's (ProMedica) rating to Baa1 from A1, affecting approximately $420 million of debt. The magnitude of the downgrade reflects significant long-term weakening of ProMedica's balance sheet following the transformative acquisition of HCR ManorCare (ManorCare), which doubled the organization's revenue and debt. Near-term execution risk will be high while ProMedica restructures its governance, management and operating model at a time when all business lines are in transition and/or facing margin pressure.
Moody's Investors Service placed ProMedica Health System's (ProMedica) A1 rating under review for downgrade, affecting approximately $420 million of debt. The review is prompted by the impending closure of a proposed transaction to acquire the operations of HCR ManorCare and Arden Courts out of bankruptcy, which will be transformative to ProMedica's core businesses and financial position. The acquisition and integration of these post-petition operations will require a material increase in ProMedica's financial leverage (more than double) and sizable equity contribution, which will significantly dilute balance sheet and liquidity metrics.
The review follows yesterday's announcement by QCP that it had entered into definitive agreements with healthcare REIT Welltower Inc. (Welltower) and ProMedica Health System, Inc. (ProMedica) under which QCP agreed: (i) to be acquired by Welltower for $20.75 per share in all-cash transaction and (ii) concurrently, ProMedica will assume the rights and obligations of QCP in relation to HCR Manorcare Inc. sponsor agreement and will acquire HCR Manorcare at the completion of HCR's Chapter 11 bankruptcy process. ProMedica, rated A1 stable, is an integrated healthcare system that operates 13 hospitals with core operations in acute and ambulatory care in Ohio, Michigan, and Indiana.
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Since its inception in 2007, Healthcare Trust of America (HTA) has delivered a return of 190.0%, beating the S&P 500 Index (SPX), which delivered a return of 139.0%, and the US REIT Index, which delivered a return of 71.0%. HTA has maintained a 9.7% annualized average total return since its first distribution. Investors who invested $1,000 with HTA at inception could expect the invested amount to increase to ~$2,904 with dividends reinvested at the end of 2017.
Thomas DeRosa, Welltower CEO, discusses the deal with ProMedica for HCR ManorCare to reinvent health care outside of the hospital for the aging population.