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EPR Properties Lines Up New $1B Unsecured Credit Facility
EPR Properties, a net lease REIT specializing in experiential properties, said Monday it had entered into a new amended and restated $1-billion unsecured revolving credit facility. The new facility, maturing on Oct. 2, 2028, replaces the Kansas City, MO-based company’s existing $1-billion facility.
The new facility provides for an initial maximum principal amount of borrowing availability of $1 billion with an “accordion” feature allowing EPR to increase the total principal available to $2 billion, subject to lender consent. It also reduces the interest rate payable on outstanding loans, eliminates the tangible net worth covenant, modifies the secured debt to total asset value covenant and simplifies the method used to value assets under the facility.
“This facility strengthens our financial foundation as we invest in experiential properties and demonstrates the confidence of our bank group in our long-term strategy,” said Greg Silvers, president and CEO of EPR.
- ◦Financing
