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Subsequent Events
6 Months Ended
Jun. 30, 2013
Subsequent Events  
Subsequent Events

Note 4—Subsequent Events

 

On July 24, 2013, the Trust completed the IPO by issuing 10,434,782 common shares at a public offering price of $11.50 per share and on August 7, 2013, the Trust issued an additional 1,318,815 common shares at the IPO price of $11.50 per share pursuant to the underwriters’ exercise of their overallotment option to purchase additional common shares pursuant to the underwriting agreement.  Total proceeds to the Trust for the IPO, including the underwriters’ overallotment, were approximately $123.8 million, after deducting underwriting discounts and offering costs.  The Trust contributed the net proceeds to the Operating Partnership in exchange for 81.4% of the common units of partnership interest in the Trust (“OP Units”).

 

In connection with the closing of the IPO, the Trust and the Operating Partnership completed related formation transactions pursuant to which the Operating Partnership acquired from four healthcare real estate funds managed by B.C. Ziegler & Company or Ziegler Healthcare Real Estate Management IV, LLC, each of which is wholly owned by The Ziegler Companies, Inc, the ownership interests in 19 medical office buildings located in ten states in exchange for an aggregate of 2,744,000 OP Units.

 

On August 21, 2013, we, through our Operating Partnership, entered into an Agreement of Sale and Purchase to acquire a post-acute care specialty hospital in Plano, Texas for $18.2 million.

 

On August 29, 2013, the Operating Partnership, as borrower, the Company and certain subsidiaries, entered into a $75.0 million senior secured revolving credit facility. Subject to the satisfaction of certain conditions, including additional lender commitments, the Operating Partnership has the option to increase the borrowing capacity under the revolving credit facility up to $250.0 million. The revolving credit facility has a three-year term with an initial maturity date of August 29, 2016. The Operating Partnership has the option to extend the term to August 29, 2017.  Borrowings under the senior secured revolving credit facility bear interest at rates generally between LIBOR plus 2.65% and LIBOR plus 3.40%.