Sabra Health Care REIT, Inc. (SBRA): debt financing — Sabra Health Care REIT renews credit facility with $1.0B revolver and $580M in term loans

Sabra Health Care REIT, Inc.

Sixth amended credit agreement: $1.0B revolver maturing Jan 2027 with two six-month extensions.
$430M USD term loan and $150M CAD term loan (~$110M USD) both mature Jan 2028.
Pricing consistent with prior facility; revolver spread 110 bps, term loan spread 125 bps at close.
Accordion feature allows capacity increase up to $2.75B subject to terms.
CEO says renewal improves debt maturity profile, pushing next material maturity to Aug 2026.

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

Sabra Health Care REIT, Inc. amended term loan of CAD $150.0 million Canadian dollar term loan with Bank of America, N.A. at The Canadian dollar Term Loan bears interest on the outstanding principal amount maturing January 4, 2028.

Instrument: term loan
Principal: CAD $150.0 million Canadian dollar term loan
Counterparty: Bank of America, N.A.
Rate: The Canadian dollar Term Loan bears interest on the outstanding principal amount
Maturity: January 4, 2028
Event: amendment

Exact text from the filing

the Credit Agreement. The Credit Agreement includes a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), a $430.0 million U.S. dollar term loan and a CAD $150.0 million Canadian dollar term loan (collectively, the “Term Loans”). The Prior Credit Agreement included a $1.0 billion revolving credit facility, $1.1 billion in U.S. dollar term loans

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

Sabra Health Care REIT, Inc. amended term loan of $430.0 million U.S. dollar term loan with Bank of America, N.A. at The ratings-based applicable interest margin for borrowings will vary based on t maturing January 4, 2028.

Instrument: term loan
Principal: $430.0 million U.S. dollar term loan
Counterparty: Bank of America, N.A.
Rate: The ratings-based applicable interest margin for borrowings will vary based on t
Maturity: January 4, 2028
Event: amendment

Exact text from the filing

have the meanings set forth for such terms in the Credit Agreement. The Credit Agreement includes a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), a $430.0 million U.S. dollar term loan and a CAD $150.0 million Canadian dollar term loan (collectively, the “Term Loans”). The Prior Credit Agreement included a $1.0 billion revolving credit

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

Sabra Health Care REIT, Inc. amended revolving credit of $1.0 billion revolving credit facility with Bank of America, N.A. at Borrowings under the Revolving Credit Facility bear interest on the outstanding maturing January 4, 2027.

Instrument: revolving credit
Principal: $1.0 billion revolving credit facility
Counterparty: Bank of America, N.A.
Rate: Borrowings under the Revolving Credit Facility bear interest on the outstanding
Maturity: January 4, 2027
Event: amendment

Exact text from the filing

September 9, 2019. Capitalized terms used but not defined in this Item 1.01 have the meanings set forth for such terms in the Credit Agreement. The Credit Agreement includes a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), a $430.0 million U.S. dollar term loan and a CAD $150.0 million Canadian dollar term loan (collectively, the “Term

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sabra Health Care REIT, Inc. amended Credit Agreement with certain lenders and agents valued at $1.0 billion revolving credit facility, a $430.0 million U.S. dollar term loan and a CAD $150.0 mill (effective 2023-01-04).

Action: amendment
Agreement: credit facility
Counterparty: certain lenders and agents
Value: $1.0 billion revolving credit facility, a $430.0 million U.S. dollar term loan and a CAD $150.0 mill
Effective: 2023-01-04

Exact text from the filing

On January 4, 2023, Sabra Health Care Limited Partnership, of which Sabra Health Care REIT, Inc. (“Sabra”) is the sole general partner (the “Operating Partnership”), and Sabra Canadian Holdings, LLC, also a wholly owned subsidiary of Sabra (together, the “Borrowers”), and the other parties thereto entered into a sixth amended and restated unsecured credit agreement (the “Credit Agreement”) with certain lenders as set forth therein; Bank of America, N.A., as Administrative Agent and L/C Issuer; Citizens Bank, National Association, Crédit Agricole Corporate and Investment Bank and Wells Fargo Bank, National Association, as Co-Syndication Agents and L/C Issuers; The Bank of Nova Scotia, Fifth Third Bank, JPMorgan Chase Bank, N.A., Keybank National Association, Mizuho Bank, Ltd., and Truist Bank, as Co-Documentation Agents; BofA Securities, Inc., as Joint Lead Arranger and Sole Bookrunner; and Citizens Bank, National Association, Crédit Agricole Corporate and Investment Bank and Wells Farg

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Sabra Health Care REIT, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-002031

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