Health Care REIT Closes $500M Facility

Health Care REIT Inc., Toledo, Ohio, has reported the closing of a three-year, $500 million unsecured revolving credit facility that replaces a $310 million facility scheduled to mature in May 2006.The real estate investment trust said the new facility provides greater financial flexibility, reduces all-in borrowing costs by about 50 basis points, includes an option to extend the term for a fourth year, and contains an accordion feature that permits the company to increase the amount by $50 million over the next 24 months. KeyBank NA acted as lead arranger and administrative agent for the facility and Deutsche Bank was lead arranger and syndication agent. The REIT can be found online at http://www.hcreit.com.