CareTrust REIT Inc. Refinances $100M in Debt, Expands Credit Facility by $100M

by Nellie Day

SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has expanded its revolving credit facility from $300 million to $400 million, while simultaneously entering into a new $100 million, seven-year, non-amortizing unsecured term loan.

Approximately $95 million of the term loan proceeds were used to pay off and terminate CareTrust’s existing secured mortgage indebtedness under its 2006 credit agreement with General Electric Capital Corporation.

The lower interest rate resulting from the refinancing is expected to generate approximately $1.3 million in annual savings.

CareTrust REIT Inc. is a publicly traded seniors housing and healthcare REIT based in San Clemente.

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