CareTrust REIT, Inc. Announces Renewal and Extension of Unsecured Revolver

Rhea-AI Summary

CareTrust REIT, Inc. (NYSE: CTRE) has renewed its unsecured revolving credit facility, extending the maturity to February 2027. CEO Dave Sedgwick expressed gratitude for the bank group's support during tough credit conditions, highlighting that this facility is crucial for future acquisitions. The amended facility features grid-based pricing tied to adjusted SOFR, with a potential accordion feature allowing an additional $500 million in capacity, subject to standard terms.

Positive

• Renewed unsecured revolving credit facility until February 2027.
• Ability to seek an additional $500 million in capacity.
• Grid-based pricing providing financial flexibility.

Negative

• None.

SAN CLEMENTE, Calif.--(BUSINESS WIRE)-- CareTrust REIT, Inc. (NYSE: CTRE) announced today that it has renewed its unsecured revolving credit facility and extended the maturity date to February 2027.

“We are grateful for the support of our bank group who stepped up during an incredibly challenging credit market,” said Dave Sedgwick, CareTrust’s CEO. Mr. Sedgwick went on to state that, “This credit facility provides a vital means for financing future acquisitions.”

The amended unsecured revolver and continued unsecured term loan have grid-based pricing of adjusted SOFR plus 110 bps – 155 bps and adjusted SOFR plus 150 bps – 220 bps, respectively. Additionally, the credit facility carries an accordion feature which allows CareTrust REIT to seek an additional $500 million of capacity when exercised, subject to customary terms and conditions.

About CareTrust REIT

CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. 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. More information about CareTrust REIT is available at www.caretrustreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221219005156/en/

CareTrust REIT, Inc.

(949) 542-3130

ir@caretrustreit.com

Source: CareTrust REIT, Inc.

FAQ

What is the new maturity date for CareTrust REIT's credit facility?

The new maturity date for CareTrust REIT's credit facility is February 2027.

How much additional capacity can CareTrust REIT seek under the renewed credit facility?

CareTrust REIT can seek an additional $500 million in capacity under the renewed credit facility.

What is the significance of the credit facility for CareTrust REIT?

The credit facility is vital for financing future acquisitions, according to CEO Dave Sedgwick.

What financial metric is the credit facility pricing based on?

The credit facility pricing is based on adjusted SOFR.