Welltower (WELL) obtains $1.0 billion term loan commitment.
Welltower (WELL) announced today that it has obtained a $1.0 billion two-year unsecured term loan commitment priced at L+120. Proceeds will be used to repay revolving credit and commercial paper borrowings, and potentially fund future investment opportunities. The term loan has an accordian feature that would provide an additional $200 million of proceeds.
Welltower also noted that it has forward sale agreements covering 6.8 million shares of common stock at an initial weighted average share price of $86.48. At its discretion, Welltower may settle the forward agreements through December 31, 2020 to generate up to $588 million in proceeds.
Founded in the 1970's, Welltower (WELL) is the largest health care REIT in the U.S. with a total book capitalization of approximately $38 billion.