– Enhances deployment capacity without
increasing leverage parameters –
– Sufficient funding to achieve 2025
deployment target –
– Marginal decrease in interest rate and
standby fees –
TORONTO, Nov. 1, 2024
/CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (the
"Trust"), a global leader in providing financing to advance
innovation in the life sciences industry, has entered into an
amendment agreement to the existing amended and restated credit
agreement (the "Agreement") with a syndicate of banks providing up
to US$631.6 million of debt capacity.
As part of the amendment, the interest rate on drawings was reduced
by 0.25% based on the Trust's leverage ratio. The facilities are
secured by all of the assets of the Trust and most of its
subsidiaries, and the maturity date has been extended to
November 1, 2027, three years from
the date of closing.
"We are fortunate for the ongoing strong support from our
syndicate of top-tier lenders," said Amit
Kapur, Chief Financial Officer of the Trust. "We have a
solid and diversified capital structure, and this enhanced funding
will help us continue executing our investment strategy. We have
deployed over US$185 million this
year and still have nearly US$300
million undrawn on the facilities. With a robust pipeline of
opportunities ahead of us, we are confident we can achieve, and
hopefully exceed, our US$1.25 billion
deployment target by the end of 2025 solely with the funding
currently available to us."
The lending syndicate is comprised of Canadian Imperial Bank of
Commerce and Royal Bank of Canada
as Co-Lead Arrangers and Joint Bookrunners, and includes Bank of
America, N.A., JPMorgan Chase Bank, N.A., National Bank of
Canada, The Bank of Nova Scotia and The Toronto-Dominion Bank.
About DRI Healthcare Trust
The Trust is managed by DRI Capital Inc. ("DRI Healthcare"), a
pioneer in global pharmaceutical royalty monetization. Since its
initial public offering in 2021, the Trust has deployed more than
US$900 million, acquiring more than
25 royalties on 20-plus drugs, including Eylea, Orserdu, Omidria,
Spinraza, Stelara, Vonjo, Zejula and Zytiga. The Trust's units are
listed and trade on the Toronto Stock Exchange in Canadian dollars
under the symbol "DHT.UN" and in U.S. dollars under the symbol
"DHT.U". To learn more, visit drihealthcare.com or follow us
on LinkedIn.
SOURCE DRI Healthcare Trust
