DIVERSIFIED HEALTHCARE TRUST (DHC): debt financing — Diversified Healthcare Trust issues $940.5M senior secured notes, repays credit facility, redeems 2024 notes

DIVERSIFIED HEALTHCARE TRUST

Issued $940.5M senior secured notes due 2026; net proceeds ~$732M; accrues 11.25% semiannually, no cash interest unless extension.
Used ~$450M to repay and terminate secured credit facility; ~$250M to redeem 4.750% senior notes due 2024.
Notes secured by first-priority lien on 95 properties valued ~$1.57B and guaranteed by certain subsidiaries.
Company has one-year extension option to Jan 2027; interest starts at 11.25% with 50bp increases every 90 days.
Extended right to purchase AlerisLife common shares from ABP Trust to March 31, 2024.

item 1.01 item 1.02 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DIVERSIFIED HEALTHCARE TRUST incurred senior notes of $940,534,000 with U.S. Bank Trust Company, National Association at 11.25% per annum compounded semiannually maturing January 15, 2026.

Instrument: senior notes
Principal: $940,534,000
Counterparty: U.S. Bank Trust Company, National Association
Rate: 11.25% per annum compounded semiannually
Maturity: January 15, 2026
Event: incurrence

Exact text from the filing

completed a private offering of $940,534,000 in aggregate principal amount at maturity of senior secured notes due 2026

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26 debt financings filed in the last 30 days. Browse all debt financings →

DIVERSIFIED HEALTHCARE TRUST filing history →

Source: SEC EDGAR

accession 0001104659-23-128518

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