CareTrust REIT announced that it has renewed and doubled its unsecured revolving credit facility to $1.2 billion. The bank group consisted of Joint Lead Arranger/Administrative Agent KeyBanc Capital Markets, and Joint Lead Arrangers/Syndication Agents: BMO Capital Markets., JPMorgan Chase Bank, Bank of America, Wells Fargo Securities, and Co-Documentation Agents: The Huntington National Bank, Raymond James Bank, M&T Bank, Morgan Stanley Bank, and Royal Bank of Canada.
CareTrust REIT is a self-administered and publicly-traded real estate investment trust engaged in the ownership, acquisition, development, and leasing of skilled nursing, seniors housing, and other healthcare-related properties. And with a nationwide portfolio of long-term net-leased properties and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.
The company also revealed that S&P Global Ratings has upgraded CareTrust’s corporate rating to BB+ and its issue-level rating on CareTrust’s unsecured notes to BBB-.
KEY QUOTES:
“Our renewed credit facility is supported by banks who have been with us from day one and also a few who are newer to our story. We are thrilled to have such a strong group who not only provide optionality for us but also seek to bring us valuable ideas to accelerate our growth. This credit facility provides a vital means for financing future acquisitions of any size.”
- Bill Wagner, Chief Financial Officer
“We are on pace to close on approximately $1.5 billion of investments this year, almost 7x our annual average. The flywheel is racing as we head into 2025. Today’s announcements bolster a historically strong position from which to build on this year’s momentum. Not including Phase 2 of the Tennessee acquisition, targeted for month-end, we currently have an investment pipeline of approximately $350 million, not including larger portfolio opportunities we are reviewing.”
- Dave Sedgwick, Chief Executive Officer
