– Significantly enhances deployment capacity without increasing leverage parameters –
TORONTO, Oct. 31, 2023 /CNW/ – DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (the "Trust"), a global leader in providing financing to advance innovation, entered into an amendment agreement to the existing amended and restated credit agreement (the "Agreement") with a syndicate of banks providing up to US$500 million of debt capacity. The Facilities have a maturity date of October 31, 2026, and are secured by all of the assets of the Trust and most of its subsidiaries.
"We are very pleased to see ongoing strong support from our syndicate of top-tier lenders and we are pleased to welcome The Toronto-Dominion Bank as our newest syndicate partner," stated Behzad Khosrowshahi, Chief Executive Officer of DRI Healthcare Trust. "Coupled with the funds secured from our recent follow-on offerings, this increased debt capacity will allow us to continue support innovation in the healthcare eco-system. Having deployed US$421 million in the past twelve months, we are well-positioned to execute on our robust US$3 billion pipeline of high-quality opportunities."
The lending syndicate is comprised of Canadian Imperial Bank of Commerce and HSBC Bank Canada as Co-Lead Arrangers and Joint Bookrunners, and includes Bank of America, N.A., JPMorgan Chase Bank, N.A., National Bank of Canada, Royal Bank of Canada, The Bank of Nova Scotia and The Toronto-Dominion Bank.
DRI Healthcare Trust is managed by DRI Capital Inc. ("DRI Capital"), the pioneer in global pharmaceutical royalty monetization with a more than 30-year history of accelerating innovation by providing capital to inventors, academic institutions and biopharma companies. Since our founding in 1989, DRI Capital has deployed more than US$2.5 billion, acquiring more than 70 royalties on 40-plus drugs, including Eylea, Keytruda, Orserdu, Spinraza, Stelara, Zejula and Zytiga. 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". To learn more, visit drihealthcare.com or follow us on LinkedIn.
SOURCE DRI Healthcare Trust