Healthcare Trust of America, Inc. (HTA) said Friday that it has closed a new $155 million senior unsecured, 7-year term loan.
The facility was successfully upsized from the original target of $100 million in response to significant lender demand.
Proceeds will be used to fund the repurchase of shares under the recently closed tender offer, acquisitions and for other corporate purposes.
The term loan will mature in July 2019 and will be initially priced at LIBOR plus 200 bps, based on the company's current investment grade ratings. The company plans to swap the entire $155 million to a fixed rate, with $50 million effectively fixed at 3.39% per annum at closing.
The term loan will bring the company's weighted average borrowing cost down to 4.2% per annum, assuming the entire amount is fixed at this rate, a decrease from 5.05% per annum at the end of 2011.
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