Welltower Inc. announced that it has closed on an amended $4.0 billion unsecured revolving line of credit, $1.0 billion term loan and CAD 250 million term loan. Through the Amendment, the Company will enhance its already strong liquidity position and extend its well-staggered debt maturity profile, while also achieving improved pricing across the Term Facility. The Revolving Facility is comprised of an existing $3.0 billion tranche that matures June 4, 2025 and an amended $1.0 billion tranche that matures on June 4, 2026, which will replace the Company's existing $1.0 billion RCF B that was scheduled to mature on June 4, 2023.

Both Revolving Facility tranches may be extended for two successive terms of six months at the Company's option. Based on Welltower's current credit ratings, the loans under the Revolving Facility currently bear interest at 77.5 basis points over the adjusted SOFR rate. In addition, the Revolving Facility permits a reduction in the interest rate upon meeting certain reductions in greenhouse gas emissions.

Based on Welltower's current credit ratings, the Revolving Facility currently carries an annual facility fee of 15 basis points. The Company also closed on a $1.0 billion term loan and a CAD 250 million term loan that each mature on July 19, 2026 and will replace the Company's existing $500 million term loan and CAD 250 million term loan that were scheduled to mature on July 19, 2023. Both Term Facility tranches may be extended for two successive terms of six months at the Company's option.

Based on Welltower's current credit ratings, the loans under the Term Facility bear interest at 85.0 basis points over the adjusted SOFR rate, which represents a five-basis point improvement from pricing under the Company's previous Term Facility. In addition, the Term Facility permits a reduction in the interest rate upon meeting certain reductions in greenhouse gas emissions. Welltower has an ability to upsize the Revolving Facility and the USD term loan by up to an additional $1.25 billion, in the aggregate, and the CAD term loan by up to an additional CAD 250 million.

The closing of the Amendment increases the Company's total available credit, assuming all incremental facilities are funded, to over $6.5 billion in aggregate. The Company is permitted to borrow up to $1.0 billion of the Revolving Facility in certain foreign currencies.