The expanded credit facility provides CareTrust with substantial dry powder for acquisitions and general corporate purposes. Monitor future 8-Ks for drawdowns under the new term loan or revolver, which would signal deployment into investments.
Price Chart
Executive Summary
CareTrust REIT entered into a fourth amended and restated credit agreement, upsizing its unsecured revolving credit facility to $2.0 billion (from $1.7 billion) and adding a new $700 million unsecured term loan facility. The new credit facility provides significant additional liquidity and extends maturities, with the revolving facility maturing February 9, 2031 and the new term loan maturing February 9, 2032. The filing is a routine refinancing and capacity increase for an investment-grade REIT, with no adverse financial impact.
Key Financial Metrics
Key Facts
- Revolving credit facility upsized to $2.0 billion aggregate principal amount, including a $300 million alternative currency subtranche
- New unsecured term loan facility of $700 million added (Closing Date USD Term Loan)
- Existing unsecured term loan facility of $500 million continues (First Amendment Term Loan)
- Revolving facility matures February 9, 2031 with two six-month extension options
- New term loan matures February 9, 2032; existing term loan matures May 30, 2030
- Accordion feature allows up to $1.0 billion in additional commitments
- Interest rate margins range from 0.675%-1.35% for revolving RFR loans and 0.75%-1.55% for term RFR loans, based on credit ratings
- Financial covenants include max 60% leverage ratio, min 1.50x fixed charge coverage, and min tangible net worth of $3,835,850,250 plus 75% of equity issuance proceeds
Financial Impact
Revolving commitments increased by $300 million from $1.7B to $2.0B; new $700 million term loan added; total committed capacity now $2.7B ($2.0B revolver + $700M term + $500M existing term). No pricing or financial impact figures stated beyond the rate grids.
Risk Factors
- Increased total debt capacity could lead to higher leverage if fully drawn
- Covenant compliance requires maintaining leverage below 60% (65% post-material acquisition) and fixed charge coverage above 1.50x
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068370 |
| Document: ctre-20261029.htm | 0001628280-26-068370 |
| Document: 0001628280-26-068370-index-headers.html | 0001628280-26-068370 |
| Document: 0001628280-26-068370-index.html | 0001628280-26-068370 |
| Document: 0001628280-26-068370.txt | 0001628280-26-068370 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $36.28 | awaiting T+20 | awaiting T+20 | $36.39 (+0.30%) |
Oct 29, 2026 3d ago | Institutional Cluster | $36.26 | awaiting T+20 | awaiting T+20 | $36.39 (+0.36%) |
Oct 27, 2026 5d ago | SC 13G/A | $35.45 | awaiting T+20 | awaiting T+20 | $36.39 (+2.65%) |
Oct 2, 2026 4w ago | 8-K | $36.30 $36.39 | ▲ +0.25% | ▲ +2.06% | $36.39 (+0.25%) |
Aug 4, 2026 12w ago | Institutional Cluster | $40.84 $39.93 | ▼ −2.23% | ▼ −0.99% | $36.39 (−10.90%) |
May 21, 2026 23w ago | 8-K | $41.14 $37.91 | ▼ −7.85% | ▼ −6.43% | $36.39 (−11.55%) |
May 20, 2026 23w ago | 424B5 | $41.49 $37.06 | ▼ −10.68% | ▼ −11.42% | $36.39 (−12.29%) |
Mar 23, 2026 31w ago | DEFA14A | $36.74 $37.31 | ▲ +1.54% | ▼ −7.36% | $36.39 (−0.97%) |
US Market Status
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