Sabra REIT Closes $650M Revolving Credit Facility

IRVINE, CA—Sabra Health Care Limited Partnership has entered into an amended and restated unsecured revolving credit facility and has increased the borrowing capacity form its prior secured revolving credit facility form $375 million to $650 million. The facility provides an accordion feature allowing for an additional $100 million of capacity, subject to customary terms and conditions, resulting in a maximum borrowing capacity of $750 million. The operating partnership also has an option to convert up to $200 million of the revolving credit facility to a term loan subject to terms and conditions.

According to Rick Matros, CEO and chairman of Sabra, “The unsecured nature of the revolver is a nice step forward for Sabra, giving us greater financial flexibility and continuing our progression toward reaching investment grade. The increased size of the revolver enhances our opportunity to look at larger investments in addition to continuing with our bread-and-butter deals.”