CNL Healthcare Properties, Inc.: debt financing — CNL Healthcare closes $600M credit facilities refinancing six months early

CNL Healthcare Properties, Inc.

New $250M revolver and $350M term loan, each maturing May 31, 2026; replaces prior facilities.
Interest at Term SOFR + 225 bps; prepayable without penalty; unused fee of 0.20% or 0.15%.
Covenants: max leverage 40%, min fixed charge coverage 1.5x, unencumbered asset pool of ≥$500M, ≥80% occupancy.
CEO letter: occupancy rebuilding slower than expected; strategic transaction not concluded in 2023 due to market conditions.
Refinancing completed six months ahead of maturity; aggregate leverage under 31%.

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

CNL Healthcare Properties, Inc. incurred term loan of $350 million senior unsecured term loan facility with KeyBank National Association, as administrative agent, and certain participating lenders at term SOFR rates plus an applicable margin of 225 basis points maturing May 31, 2026.

Instrument: term loan
Principal: $350 million senior unsecured term loan facility
Counterparty: KeyBank National Association, as administrative agent, and certain participating lenders
Rate: term SOFR rates plus an applicable margin of 225 basis points
Maturity: May 31, 2026
Event: incurrence

Exact text from the filing

On December 7, 2023, CNL Healthcare Properties, Inc.'s (the "Company's") operating partnership, CHP Partners, LP (the "Operating Partnership") as borrower, KeyBank National Association ("KeyBank"), as administrative agent, and certain participating lenders (the "Lenders") entered into a credit agreement (the "Credit Agreement") providing for both (i) a $250 million senior unsecured revolving credit facility (the "Revolving Credit Facility") and (ii) a $350 million senior unsecured term loan facility (the "Term Loan Facility" and, together with the Revolving Credit Facility, the "Credit Facilities"), each with a maturity date of May 31, 2026.

View on SEC.gov

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

CNL Healthcare Properties, Inc. incurred credit facility of $250 million senior unsecured revolving credit facility with KeyBank National Association, as administrative agent, and certain participating lenders at term SOFR rates plus an applicable margin of 225 basis points maturing May 31, 2026.

Instrument: credit facility
Principal: $250 million senior unsecured revolving credit facility
Counterparty: KeyBank National Association, as administrative agent, and certain participating lenders
Rate: term SOFR rates plus an applicable margin of 225 basis points
Maturity: May 31, 2026
Event: incurrence

Exact text from the filing

On December 7, 2023, CNL Healthcare Properties, Inc.'s (the "Company's") operating partnership, CHP Partners, LP (the "Operating Partnership") as borrower, KeyBank National Association ("KeyBank"), as administrative agent, and certain participating lenders (the "Lenders") entered into a credit agreement (the "Credit Agreement") providing for both (i) a $250 million senior unsecured revolving credit facility (the "Revolving Credit Facility") and (ii) a $350 million senior unsecured term loan facility (the "Term Loan Facility" and, together with the Revolving Credit Facility, the "Credit Facilities"), each with a maturity date of May 31, 2026.

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-293332

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