Wells Leads $250M CreditFor a Health-Care REIT

American Health Properties Inc. has established a new $250 million credit facility, it said last week.

The Denver-based real estate investment trust specializes in owning and operating health care facilities.

It has $730 million of investments in health-care properties in 18 states.

The company said the new three-year unsecured revolving credit facility replaces a $150 million line.

Wells Fargo Bank is leading the loan. The co-agents are Banque Paribas, First Union Corp. and NationsBank of Texas.

Other participants include Bank of New York, Banque Nationale de Paris, Colorado National Bank, Fleet National Bank, Dresdner Bank AG, and Amsouth Bank.

"The new facility gives us enhanced financial flexibility to assist in the ongoing implementation of the company's current acquisition and investment strategies," said Joseph P. Sullivan, American Health's board chairman, president, and chief executive officer.

In October the company priced a $100 million offering of preferred stock led by Goldman Sachs & Co., BT Alex. Brown Inc., Everen Securities Inc., Morgan Stanley, Dean Witter, Discover & Co., and PaineWebber Inc.

American Health has investment interests in 14 acute-care hospitals, three rehabilitation hospitals, and five psychiatric hospitals.

Last month the company said it would spend $90 million to purchase seven medical offices and clinics in Houston and Phoenix.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER