Physicians Realty Trust: debt financing — Physicians Realty Trust amends credit facility, expands accordion feature to $500M, transitions to SOFR

The Amendment, among other things, (i) expands the accordion feature, which allows the Operating Partnership to increase borrowing capacity under the Amendment Credit Agreement by up to an additional $500 million, to include additional term loans as a borrowing option, subject to the terms and conditions of the Amended Credit Agreement, (ii) replaces the LIBOR-based benchmark rates and related LIBOR-based mechanics applicable to borrowings under the Amended Credit Agreement with secured overnight financing rate (“SOFR”) based benchmark rates and related SOFR-based mechanics, (iii) removes the LIBOR transition language from the Amended Credit Agreement and (iv) updates certain other provisions of the Amended Credit Agreement to reflect the transition from LIBOR to SOFR.

On March 31, 2023, Physicians Realty L.P., a Delaware limited partnership (the “Operating Partnership”), as borrower, and Physicians Realty Trust, a Maryland real estate investment trust (the “Company”), as guarantor, executed a First Amendment to Third Amended and Restated Credit Agreement (the “Amendment”) with KeyBank National Association, as administrative agent, and the lenders party thereto, pursuant to which the parties amended the Company’s Third Amended and Restated Credit Agreement, dated as of September 24, 2021 (as amended by the Amendment, the “Amended Credit Agreement”).