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December 23, 2013
16:08 EDTNHINHI completes $491M purchase of 25 independent living facilities
National Health Investors announced it has completed the previously announced purchase of 25 independent living facilities from Holiday Acquisition Holdings, an affiliate of Holiday Retirement, for a purchase price of $491M plus transaction costs. The facilities will continue to be operated by affiliates of Holiday Retirement pursuant to a new 17-year master lease. On November 27, NHI received $282M in net proceeds from a public offering of 5,175,000 shares of NHIís common stock. The acquisition was funded with cash and $250M from a new term loan related to NHIís updated and amended senior unsecured bank credit facility. The new term loan provides for interest of 175 basis points over LIBOR and matures in June 2018, which is a reduction from the previously disclosed pricing of 225 basis points over LIBOR. Wells Fargo Bank, BMO Capital Markets, Bank of America, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and KeyBank National Association served as arrangers and agents to amend the existing credit facility and expand the syndicate of banks to provide the new term loan. Justin Hutchens, NHIís CEO and President, noted, ďThe acquisition of these 25 independent living communities provides substantial geographic, asset class and operator diversification on a very accretive basis. We were able to conservatively fund the acquisition with strong execution on the equity offering and better-than-expected pricing on our new term loan tranche. These transactions will be instrumental in supporting our growth in 2014.Ē
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