DHC amends credit facility; commitments cut to $450M, liquidity minimum halved to $100M, dividend capped at $0.01/share

DIVERSIFIED HEALTHCARE TRUST

Facility commitments reduced from $586.4M to $450M; no further reborrowing allowed.
Minimum liquidity requirement lowered from $200M to $100M; fixed charge coverage waiver extended through Jan 2024.
Dividend limited to $0.01/share per quarter to maintain REIT status; additional debt and acquisitions restricted.
Interest rate premium increased from 250 bps to 290 bps; LIBOR replaced with SOFR effective immediately.
Post-closing covenant requires deposit account control agreements for collateral property accounts within 60 days.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

DIVERSIFIED HEALTHCARE TRUST amended credit agreement with Wells Fargo Bank, National Association valued at Facility commitments reduced from $586.4 million to $450.0 million; minimum liquidity decreased from (effective 2023-02-14).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: Facility commitments reduced from $586.4 million to $450.0 million; minimum liquidity decreased from
Effective: 2023-02-14

Exact text from the filing

On February 14, 2023, we amended the agreement governing our credit facility, or our credit agreement, with Wells Fargo Bank, National Association, as administrative agent and a lender, and a syndicate of other lenders.

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Source: SEC EDGAR

accession 0001104659-23-022489

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