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IRVINE, CALIF. — HCP (NYSE: HCP), an Irvine-based healthcare REIT, has closed on a new $2 billion unsecured revolving credit facility.
The new facility reduces the company’s funded interest cost for committed loans by five basis points and has a maturity date of Oct. 19, 2021. Based on the company’s current senior unsecured long-term debt ratings, the facility bears interest annually at LIBOR plus 100 basis points and has a facility fee of 20 basis points.
The facility also includes two six-month extension options and the ability to increase the commitments by an aggregate amount up to $750 million.