NEWTON, Mass.--(BUSINESS WIRE)--Senior Housing Properties Trust (Nasdaq: SNH) today announced that it has amended its existing $1 billion unsecured revolving credit facility and simultaneously amended its $200 million unsecured term loan that matures in 2022.

Prior to the amendment, SNH’s credit facility had a maturity date of January 15, 2018 and required interest on drawings at LIBOR plus 130 basis points, subject to adjustments based on changes to SNH’s credit ratings. The maturity date of the amended credit facility is extended to January 15, 2022 and interest on drawings is reduced to LIBOR plus 120 basis points, subject to adjustments based on changes to SNH’s credit ratings. In addition, the facility fee was reduced from 30 basis points to 25 basis points per annum on the total amount of lending commitments.

The amended credit facility includes a borrower’s option to further extend the facility for an additional one year to January 15, 2023 in return for payment of a fee and provided certain conditions are met. The amended credit facility also includes a feature under which maximum borrowings may be increased to up to $2.0 billion in certain circumstances. The previous credit facility’s maximum borrowing availability was $1.5 billion.

Prior to the amendment, SNH’s $200 million unsecured term loan that matures in 2022 required interest at LIBOR plus 180 basis points, subject to adjustments based on changes to SNH’s credit ratings. The interest rate of the amended $200 million unsecured term loan is reduced to LIBOR plus 135 basis points, subject to adjustments based on changes to SNH’s credit ratings.