Community Healthcare Trust Incorporated increased its credit facilities to $400 million through its Third Amended and Restated Credit Agreement. Truist Securities, Fifth Third Bank, First Horizon Bank, Huntington National Bank, and Regions Capital Markets served as joint lead arrangers and joint book managers, Fifth Third Bank and First Horizon Bank served as co-syndication agents and Huntington National Bank and Regions Bank served as co-documentation agents. Truist Bank served as administration agent. Other banks in the syndication include:  Pinnacle Bank, Synovus Bank, Hancock Whitney Bank, Cadence Bank, Renasant Bank, CapStar Bank, and ServisFirst Bank.

The amended credit facilities provide for a $150 million revolving facility maturing March 2026, with one 12-month extension option and $250 million in term loans. The term loans consist of $50 million maturing in March 2024, $75 million maturing in March 2026, and a new, $125 million term loan maturing in March 2028.  The Company is the borrower under the Third Amended and Restated Credit Agreement, and its obligations are not secured.

Amounts outstanding will bear interest under the revolving facility at LIBOR plus a margin of between 1.25% and 1.90%, and under the term loans at LIBOR plus a margin of between 1.45% and 2.30%, depending on the maturity and the Company's leverage.

The credit facilities have an accordion feature that allows the total borrowing capacity under the credit facility to be increased to $600 million, including the ability to add and fund additional term loans. The accordion and revolving facility extension options are subject to normal terms and conditions for these types of facilities.

At closing, the Company drew down the entire $125 million available under the new term loan and used the proceeds to paydown the revolving facility as well as to repay its existing $50 million term loan with a March 2022 maturity.

The Company intends to enter into interest rate swap agreements that fix the interest rates on the entire $125 million 7-year term loan. Based on current conditions, this will result in fixed interest rates in the range of 3.35% to 3.65% depending on the Company's leverage, market conditions, and other factors.