May 28, 2019 Comments Off on HCP Closes Upsized $2.5B Credit Facility Views: 428 California News, Orange County

HCP Closes Upsized $2.5B Credit Facility

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Irvine, CA-based HCP closed an amended and restated credit agreement providing for a $2.5 billion unsecured revolving credit facility and a new $250 million unsecured term loan facility. The deal increased the size of the unsecured revolving credit facility from $2 billion to $2.5 billion, extended the maturity date of the unsecured revolving credit facility to May 23, 2023 with two six-month extension options, and reduced HCP’s borrowing costs.

The unsecured term loan facility includes a 90-day delayed-draw feature, allowing term loans in an aggregate principal amount of up to $250 million that would mature on May 23, 2024.

HCP’s Peter Scott says, “This transaction highlights our continued focus on improving our credit profile by enhancing liquidity, extending maturities and reducing borrowing costs.”

The credit facilities were arranged by BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC. BofA Securities and JPMorgan were also joint bookrunners for the credit facilities.

*Pictured HCP’s The Cove at Oyster Point, South San Francisco

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