TOLEDO, Ohio--(BUSINESS WIRE)--May 15, 2003--Health Care REIT, Inc. (NYSE:HCN) announced today that it has increased its primary unsecured revolving credit facility to $225 million from $175 million. The maturity date of the agreement was also extended from August, 2005 to May, 2006 with the ability to extend an additional year at the company's option. The modification to the credit facility was arranged by KeyBank as Lead Arranger and Administrative Agent and Deutsche Bank Securities as Lead Arranger and Syndication Agent. UBS Warburg is the Documentation Agent. Other participants include Bank of America, Bank One and Comerica Bank.
In addition, the company announced the expansion of its unsecured revolving credit facility with Fifth Third Bank to $30 million from $25 million. This facility matures May 31, 2004.
"This increased credit capacity further strengthens the financial flexibility and balance sheet of our company, enabling us to continue to capitalize on the growth opportunities present in today's marketplace. We are appreciative of the support and commitment provided by these lenders," stated George L. Chapman, chairman and chief executive officer.
Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests in health care facilities, primarily skilled nursing and assisted living facilities. At March 31, 2003, we had investments in 248 health care facilities in 33 states with 46 operators and had total assets of approximately $1.6 billion. For more information on Health Care REIT, Inc., via facsimile at no cost, dial 1-800-PRO-INFO and enter the company code - HCN. More information is available on the Internet at www.hcreit.com.
This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the possible expansion of our portfolio; the performance of our operators and properties; our ability to enter into agreements with new viable tenants for properties which we take back from financially troubled tenants, if any; our ability to make distributions; our policies and plans regarding investments, financings and other matters; our tax status as a real estate investment trust; our ability to appropriately balance the use of debt and equity; and our ability to access capital markets or other sources of funds. When we use words such as "believe," "expect," "anticipate," or similar expressions, we are making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Our expected results may not be achieved, and actual results may differ materially from our expectations. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including prevailing interest rates; compliance with and changes to regulations and payment policies within the health care industry; changes in financing terms; competition within the health care and senior housing industries; and changes in federal, state and local legislation. Finally, we assume no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.
CONTACT: Health Care REIT, Inc. Ray Braun, 419/247-2800
Mike Crabtree, 419/247-2800
SOURCE: Health Care REIT, Inc.