The facility provides $400M of undrawn liquidity with a 3-year maturity, strengthening Healthcare Realty's balance sheet flexibility. Monitor for drawdowns which would signal acquisition activity or debt refinancing. The accordion feature allows up to $100M additional capacity without renegotiation.
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Executive Summary
Healthcare Realty Trust entered into a $400 million senior unsecured delayed draw term loan facility with a syndicate of 14 lenders, maturing May 15, 2029. The facility includes an accordion feature for up to an additional $100 million and was undrawn at closing. Proceeds are intended to refinance existing debt and for general corporate purposes, including acquisitions.
Key Financial Metrics
Key Facts
- $400 million senior unsecured delayed draw term loan facility established
- Maturity date: May 15, 2029 (3-year term)
- No borrowings outstanding at closing
- Accordion feature allows up to $100 million additional capacity
- 14 lenders participated, led by Wells Fargo as administrative agent
- Interest rate: SOFR + 0.90% or Base Rate + 0.00% based on current debt ratings (BBB/Baa2)
- Commitment fee of 0.20% on undrawn balance starts 91 days after closing
- Proceeds to refinance existing debt and for general corporate purposes including acquisitions
Financial Impact
$400 million delayed draw term loan facility established; no immediate balance sheet impact as undrawn at closing
Risk Factors
- Drawdowns would increase leverage and interest expense
- Covenants include maximum leverage (60%) and minimum fixed charge coverage (1.50x) that could constrain future borrowing
- Commitment fee on undrawn balance reduces net interest income slightly
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001360604-26-000049 |
| Document: hr-20260519.htm | 0001360604-26-000049 |
| Document: 0001360604-26-000049-index-headers.html | 0001360604-26-000049 |
| Document: 0001360604-26-000049-index.html | 0001360604-26-000049 |
| Document: 0001360604-26-000049.txt | 0001360604-26-000049 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 8w ago | Institutional Cluster | $19.97 $19.12 | ▼ −4.26% | ▼ −3.86% | $17.47 (−12.52%) |
Jul 31, 2026 9w ago | S-3 | $20.54 $19.04 | ▼ −7.30% | ▼ −8.54% | $17.47 (−14.95%) |
Jul 7, 2026 12w ago | Press Release | $20.65 $20.54 | ▼ −0.53% | ▼ −1.86% | $17.47 (−15.40%) |
May 19, 2026 19w ago | 8-K | $20.47 $19.79 | ▼ −3.32% | ▼ −4.06% | $17.47 (−14.66%) |
May 7, 2026 21w ago | 8-K | $19.91 $19.65 | ▼ −1.31% | ▼ −1.33% | $17.47 (−12.26%) |
May 5, 2026 21w ago | 8-K | $19.68 $19.61 | ▼ −0.37% | ▼ −5.32% | $17.47 (−11.24%) |
Apr 8, 2026 25w ago | Press Release | $17.37 $20.24 | ▲ +16.52% | ▲ +8.95% | $17.47 (+0.57%) |
Apr 7, 2026 25w ago | DEFA14A | $17.40 $19.92 | ▲ +14.48% | ▲ +5.94% | $17.47 (+0.40%) |
Mar 4, 2026 30w ago | Insider Cluster | $18.58 $17.16 | ▼ −7.62% | ▼ −3.21% | $17.47 (−5.95%) |
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