Welltower Upsizes Revolver to $6.25B, Extends Maturities to 2029 and 2030
Welltower closed an amended $6.25 billion senior unsecured revolving credit facility, upsizing its line and extending maturities to 2029 and 2030. The company repaid $1 billion USD and $250 million CAD term loans, boosting total available liquidity to $7.5 billion and lowering leverage through improved debt metrics.
1. Revolving Facility Upsized and Extended
Welltower closed an amended $6.25 billion senior unsecured revolving credit facility comprising a $4.25 billion tranche maturing March 6, 2030, and a $2.0 billion tranche maturing July 24, 2029, each with two successive six-month extension options.
2. Term Loan Repayments and Deleveraging
The company repaid its existing $1 billion USD term loan and $250 million CAD term loan in cash, further reducing debt levels and contributing to a stronger, well-staggered maturity profile that supports lower leverage ratios.
3. Improved Pricing and Credit Outlook
Loans under the new facility bear interest at 67.5 basis points over SOFR plus a 12.5 basis-point facility fee, a 15 basis-point pricing improvement that follows a revision of the credit rating outlook to positive based on enhanced credit metrics.
4. Enhanced Liquidity and Future Capacity
Total available credit facilities have increased to approximately $7.5 billion with an uncommitted option to upsize by $1.25 billion. Participation from 28 existing and 4 new financial institutions cements Welltower’s liquidity cushion and supports its capital deployment strategy.