TORONTO, April 20, 2022 /CNW/ – DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (“DRI” or “the Trust”) announced today that a subsidiary of the Trust has entered into an amended and restated credit agreement (the “Amended Agreement”) with a syndicate of banks regarding US$350 million of credit facilities (the “Facilities”). The Amended Agreement increases the capacity of the credit facilities announced on October 22, 2021, through a new tranche consisting of a delayed draw term loan of US$150 million. The Facilities have a maturity date of October 22, 2024, and are secured by all of the assets of the Trust and most of its subsidiaries. As at the date hereof, US$71.0 million is drawn on the Facilities.
“We are very pleased to have the continued support of our lenders as we pursue our growth strategy,” stated Behzad Khosrowshahi, Chief Executive Officer of DRI Healthcare Trust. “Given the robust activity in our market, this additional capital positions us well to act on opportunities to grow our portfolio.”
The lending syndicate is comprised of Canadian Imperial Bank of Commerce and HSBC Bank Canada as Co-Lead Arrangers, and includes Royal Bank of Canada; The Bank of Nova Scotia; Bank of America, N.A.; National Bank of Canada; and JP Morgan Chase Bank, N.A.
DRI Healthcare Trust provides unitholders with differentiated exposure to the anticipated growth in the global pharmaceuticals and biotechnology markets. Our business model is focused on managing and growing a diversified portfolio of pharmaceutical royalties and related assets with the aim to deliver attractive growth in cash flow over the long term. DRI Healthcare Trust is an unincorporated open-ended trust governed by the laws of the Province of Ontario, externally managed by its manager, DRI Capital Inc. DRI Healthcare Trust’s units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol “DHT.UN” and in U.S. dollars under the symbol “DHT.U”.
SOURCE DRI Healthcare Trust