Diversified Healthcare Trust (DHC) has successfully closed a new $150 million secured revolving credit facility, enhancing its liquidity and financial flexibility. This facility is secured by 14 senior housing communities, comprising 2,632 living units managed by Five Star Senior Living, a division of AlerisLife Inc. The credit facility, which has an initial term of four years and two six-month extension options, will bear interest at a rate equal to SOFR plus a spread of 250 to 300 basis points, contingent on DHC's net leverage ratio. Citibank, N.A. served as the Administrative Agent, Lead Arranger, and Book Running Manager, with Bank of America, N.A., Morgan Stanley Bank, N.A., PNC Bank, National Association, and Royal Bank of Canada as Co-Documentation Agents. This development further supports DHC's general business needs and reflects the high quality of its senior living assets.
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