Sabra Renews and Extends its Credit Facility

Rhea-AI Summary

Sabra Health Care REIT (NASDAQ: SBRA) has amended its credit facility to enhance its debt maturity profile. Key highlights include a $1.0 billion unsecured revolving credit facility maturing in January 2027 with extension options, a $430 million unsecured term loan maturing in January 2028, and a $150 million CAD term loan (~$110 million USD) also maturing in January 2028. The pricing remains consistent with previous terms, linked to adjusted SOFR/CDOR, and an accordion option allows for potential capacity increase to $2.75 billion.

Positive

• Improved debt maturity profile with nearest material maturity pushed to August 2026.
• Maintained credit facility pricing, consistent with previous terms.

Negative

• None.

IRVINE, Calif.--(BUSINESS WIRE)-- Sabra Health Care REIT, Inc. (“Sabra”) (Nasdaq: SBRA) announced today that it has amended and restated its credit facility, improving its debt maturity profile while keeping capacity and pricing consistent with its prior credit facility.

Summary:

• $1.0 billion unsecured revolving credit facility maturing in January 2027, with two additional six-month extension options
• $430 million USD unsecured term loan maturing in January 2028
• $150 million CAD (~$110 million USD) unsecured term loan maturing in January 2028
• Pricing is consistent with the prior credit facility and will be based on adjusted SOFR/CDOR plus a spread of 77.5-145 bps for the revolver, and 85-165 bps for the term loans. At closing, the spread for Sabra’s borrowings under the revolver and term loans were 110 bps and 125 bps, respectively.
• Additionally, an accordion feature affords Sabra the optionality to seek an increase in the capacity of the credit facility to $2.75 billion, subject to customary terms and conditions.

“We are pleased to renew our credit facility, which improves our debt maturity profile by pushing our nearest material maturity to August 2026, while holding pricing in line with our prior credit facility. We also appreciate and value the continued support of our bank group, especially considering the challenging backdrop for the credit market,” said Rick Matros, Sabra’s CEO and Chair.

About Sabra

Sabra Health Care REIT, Inc., a Maryland corporation, operates as a self-administered, self-managed real estate investment trust (a "REIT") that, through its subsidiaries, owns and invests in real estate serving the healthcare industry throughout the United States and Canada.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230105005110/en/

Investor & Media Inquiries: 1-888-393-8248 or investorinquiries@sabrahealth.com

Source: Sabra Health Care REIT, Inc.

FAQ

What is the new maturity date for Sabra's revolving credit facility?

The new maturity date for Sabra's revolving credit facility is January 2027.

How much is Sabra's unsecured term loan and when does it mature?

Sabra's unsecured term loan amounts to $430 million and matures in January 2028.

What is the total capacity of Sabra's amended credit facility?

The total capacity of Sabra's amended credit facility can increase to $2.75 billion.

What are the pricing terms for Sabra's new credit facility?

The pricing for Sabra's new credit facility is based on adjusted SOFR/CDOR plus a spread of 77.5-145 bps for the revolver and 85-165 bps for the term loans.

Who is the CEO of Sabra Health Care REIT?

The CEO of Sabra Health Care REIT is Rick Matros.