EPR Properties, a real estate investment trust (REIT) that specializes in experiential properties, announced on Monday that it has secured a new amended and restated $1 billion unsecured revolving credit facility. This new facility will mature on October 2, 2028 and replaces the company’s previous $1 billion facility based in Kansas City, MO.
The updated credit facility allows EPR to borrow up to an initial maximum principal amount of $1 billion with the option to increase it up to $2 billion with lender consent through its “accordion” feature. Additionally, this new agreement reduces interest rates on outstanding loans and eliminates certain covenants related to tangible net worth and secured debt.
Accordingly, this simplifies the valuation process for assets under the facility. According to Greg Silvers – President & CEO of EPR – securing this new credit line strengthens their financial position as they continue investing in experiential properties. It also demonstrates their bank group’s confidence in their long-term strategy.
In summary:
– EPR Properties secures a new amended & restated unsecured revolving credit line worth $1B
– The previous Kansas City-based loan is replaced by one maturing Oct 2nd 2028
– The updated agreement includes an “accordion” feature allowing borrowing capacity up-to-$2B subject-to-lender-consent.
– Interest rates are reduced while certain covenants are eliminated or modified for easier asset valuation.
