SBRA 8-K

SABRA HEALTH CARE REIT, INC.

Date: January 5, 2023

/s/ Michael Costa

Michael Costa

Chief Financial Officer, Secretary and Executive Vice President

Sabra Health Care REIT, Inc. (SBRA)

8-K 2023-01-05 For: 2023-01-04

View Original

Added on April 07, 2026


18500 Von Karman Avenue	Suite 550	Irvine	CA	92612
(Address of principal executive offices)				(Zip Code)


10.1		Sixth Amended and Restated Credit Agreement, dated January 4, 2023, among Sabra Health Care Limited Partnership and Sabra Canadian Holdings, LLC, as Borrowers; Sabra Health Care REIT, Inc., as a guarantor; the other guarantors party thereto; the lenders party thereto; Bank of America, N.A., as Administrative Agent and L/C Issuer; Citizens Bank, National Association, Crédit Agricole Corporate and Investment Bank and Wells Fargo Bank, National Association, as Co-Syndication Agents and L/C Issuers; The Bank of Nova Scotia, Fifth Third Bank, JPMorgan Chase Bank, N.A., Keybank National Association, Mizuho Bank, Ltd., and Truist Bank, as Co-Documentation Agents; BofA Securities, Inc., as Joint Lead Arranger and Sole Bookrunner; and Citizens Bank, National Association, Crédit Agricole Corporate and Investment Bank and Wells Fargo Securities, LLC, as Joint Lead Arrangers.

99.1		Press Release of Sabra Health Care REIT, Inc., dated January 5, 2023.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


Section		Page

Article I. DEFINITIONS AND ACCOUNTING TERMS			1
1.01	Defined Terms		1
1.02	Other Interpretive Provisions		46
1.03	Accounting Terms; Pro Forma Calculations		46
1.04	Rounding		47
1.05	Exchange Rates; Currency Equivalents		47
1.06	Additional Alternative Currencies		48
1.07	Change of Currency		49
1.08	Times of Day		49
1.09	Letter of Credit Amounts		49
1.10	Interest Rates		49

Article II. THE COMMITMENTS AND CREDIT EXTENSIONS			50
2.01	Commitments		50
2.02	Borrowings, Conversions and Continuations of Loans		51
2.03	Letters of Credit		54
2.04	Reserved		63
2.05	Reserved		63
2.06	Prepayments		63
2.07	Termination or Reduction of Commitments		64
2.08	Repayment		65
2.09	Interest		65
2.10	Fees		66
2.11	Computation of Interest and Fees		66
2.12	Evidence of Debt		67
2.13	Payments Generally; Administrative Agent’s Clawback		67
2.14	Sharing of Payments by Lenders		69
2.15	Extension of Revolving Maturity Date		70
2.16	Increase in Revolving Commitments; Addition of Incremental Term Loan Facilities		71
2.17	Cash Collateral		74
2.18	Defaulting Lenders		75
2.19	Joint and Several Liability		77
2.20	Appointment of Parent Borrower as Agent for Credit Parties		78

Article III. TAXES, YIELD PROTECTION AND ILLEGALITY			78
3.01	Taxes		78
3.02	Illegality		82
3.03	Inability to Determine Rates; Replacement of Relevant Rates or Successor Rates		83
3.04	Increased Costs		86
3.05	Compensation for Losses		87
3.06	Mitigation Obligations; Replacement of Lenders		88
3.07	Survival		88

Article IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS			88
4.01	Conditions to Effectiveness and Initial Credit Extension		88
4.02	Conditions to All Credit Extensions		90



Article V. REPRESENTATIONS AND WARRANTIES		91
5.01	Existence, Qualification and Power	91
5.02	Authorization; No Contravention	91
5.03	Governmental Authorization; Other Consents	92
5.04	Binding Effect	92
5.05	Financial Statements; No Material Adverse Effect	92
5.06	Litigation	92
5.07	No Default	93
5.08	Ownership of Property and Valid Leasehold Interests; Liens	93
5.09	Environmental Compliance	93
5.10	Insurance	94
5.11	Taxes	94
5.12	ERISA Compliance	94
5.13	Margin Regulations; Investment Company Act; REIT Status	95
5.14	Disclosure	95
5.15	Compliance with Laws	96
5.16	Sanctions, Anti-Corruption, etc.	96
5.17	Use of Proceeds	96
5.18	Solvency	97
5.19	Credit Parties; Taxpayer Identification Numbers	97
5.20	Unencumbered Properties	97
5.21	Affected Financial Institution	97
5.22	Covered Entities	97

Article VI. AFFIRMATIVE COVENANTS		97
6.01	Financial Statements	97
6.02	Certificates; Other Information	98
6.03	Notices	100
6.04	Payment of Taxes	100
6.05	Preservation of Existence, Etc.	100
6.06	Maintenance of Properties	101
6.07	Maintenance of Insurance	101
6.08	Compliance with Laws	101
6.09	Books and Records	101
6.10	Inspection Rights	101
6.11	Use of Proceeds	102
6.12	REIT Status; Stock Exchange Status	102
6.13	Employee Benefits	102
6.14	Additional Guarantors	103
6.15	Environmental Matters	104
6.16	Further Assurances	104
6.17	Compliance with Material Contracts	104
6.18	Anti-Corruption	104

Article VII. NEGATIVE COVENANTS		105
7.01	Liens	105
7.02	Reserved	105
7.03	Indebtedness	106
7.04	Fundamental Changes	106
7.05	Dispositions	107
7.06	Restricted Payments	107
7.07	Change in Nature of Business	107
7.08	Transactions with Affiliates	108
7.09	Sanctions; Anti-Money Laundering; Anti-Corruption	108


7.10	Financial Covenants	108
7.11	Burdensome Agreements	109
7.12	Use of Proceeds	110
7.13	Amendments of Organization Documents	110
7.14	Accounting Changes	110
7.15	Compliance with Environmental Laws	110

Article VIII. EVENTS OF DEFAULT AND REMEDIES		110
8.01	Events of Default	110
8.02	Remedies Upon Event of Default	113
8.03	Application of Funds	113

Article IX. ADMINISTRATIVE AGENT		114
9.01	Appointment and Authority	114
9.02	Rights as a Lender	115
9.03	Exculpatory Provisions	115
9.04	Reliance by Administrative Agent	116
9.05	Delegation of Duties	116
9.06	Resignation of Administrative Agent	117
9.07	Non-Reliance on Administrative Agent and Other Lenders	118
9.08	No Other Duties, Etc.	119
9.09	Reserved	119
9.10	Collateral and Guaranty Matters	119
9.11	Certain ERISA Matters	120
9.12	Recovery of Erroneous Payments	121

Article X. MISCELLANEOUS		121
10.01	Amendments, Etc.	121
10.02	Notices; Effectiveness; Electronic Communication	124
10.03	No Waiver; Cumulative Remedies	126
10.04	Expenses; Indemnity; Damage Waiver	127
10.05	Payments Set Aside	129
10.06	Successors and Assigns	129
10.07	Treatment of Certain Information; Confidentiality	135
10.08	Right of Setoff	136
10.09	Interest Rate Limitation	137
10.10	Integration; Effectiveness	137
10.11	Survival of Representations and Warranties	137
10.12	Severability	137
10.13	Replacement of Lenders	138
10.14	Governing Law; Jurisdiction; Etc.	139
10.15	Waiver of Jury Trial	140
10.16	No Advisory or Fiduciary Responsibility	140
10.17	USA Patriot Act Notice; Etc.	140
10.18	Reserved	141
10.19	Judgment Currency	141
10.20	Electronic Execution; Electronic Records; Counterparts	141
10.21	ENTIRE AGREEMENT	142
10.22	Amendment and Restatement; Original Notes; No Novation	142
10.23	Exiting Lenders	143
10.24	Acknowledgment and Consent to Bail-In of Affected Financial Institutions	143
10.25	Acknowledgment Regarding Any Supported QFCs	144


Article XI. GUARANTY		145
11.01	The Guaranty	145
11.02	Obligations Unconditional	145
11.03	Reinstatement	146
11.04	Certain Waivers	146
11.05	Remedies	147
11.06	Guaranty of Payment; Continuing Guaranty	147
11.07	Contribution	147
11.08	Release of Guarantors	148
11.09	Keepwell	148


2.01		Commitments and Applicable Percentages
5.19		Credit Parties; Taxpayer Identification Numbers
10.02		Administrative Agent’s Office; Certain Addresses for Notices


A		Form of Committed Loan Notice
B		[Reserved]
C		Form of Notice of Loan Prepayment
D-1		Form of Revolving Note
D-2		Form of Term A-1 Note
D-3		Form of CAD Term Note
E		Form of Compliance Certificate
F		Form of Assignment and Assumption
G		Form of Joinder Agreement
H		Forms of U.S. Tax Compliance Certificates


Applicable Margin
		Revolving Credit Facility						Term Facility
Pricing Level	Debt Rating S&P/Moody’s/Fitch	Alternative Currency Daily Rate Loans, Alternative Currency Term Rate Loans, Daily SOFR Loans, Term SOFR Loans and Letters of Credit			Base Rate Loans			Alternative Currency Daily Rate Loans, Alternative Currency Term Rate Loans and Term SOFR Loans			Base Rate Loans
1	≥ A- / A3 / A-		0.775	%		0.000	%		0.850	%		0.000	%
2	BBB+ / Baa1 / BBB+		0.825	%		0.000	%		0.900	%		0.000	%
3	BBB/ Baa2 / BBB		0.900	%		0.000	%		1.000	%		0.000	%
4	BBB- / Baa3 / BBB-		1.100	%		0.100	%		1.250	%		0.250	%
5	< BBB- / Baa3 / BBB-(or unrated)		1.450	%		0.450	%		1.650	%		0.650	%


Pricing Level	Facility Fee
1		0.125	%
2		0.150	%
3		0.200	%
4		0.250	%
5		0.300	%


BORROWERS:	SABRA HEALTH CARE LIMITED PARTNERSHIP, a Delaware limited partnership

	By:	Sabra Health Care REIT, Inc., a Maryland corporation,
		its general partner

		By:	/s/ Michael L. Costa
			Name: Michael L. Costa
			Title: Chief Financial Officer

	SABRA CANADIAN HOLDINGS, LLC, a Delaware limited liability company

	By:	/s/ Michael L. Costa
		Name: Michael L. Costa
		Title: Chief Financial Officer

REIT GUARANTOR:	SABRA HEALTH CARE REIT, INC., a Maryland corporation

	By:	/s/ Michael L. Costa
		Name: Michael L. Costa
		Title: Chief Financial Officer

SUBSIDIARY GUARANTOR:	SABRA HEALTH CARE, L.L.C., a Delaware limited liability company

	By:	/s/ Michael L. Costa
		Name: Michael L. Costa
		Title: Chief Financial Officer


LENDERS:	BANK OF AMERICA, N.A., as a Lender and
	an L/C Issuer

	By:	/s/ Darren Merten
		Name: Darren Merten
		Title: Director


CITIZENS BANK, NATIONAL ASSOCIATION, as a Lender and an L/C Issuer

By:		/s/ Kerri Colwell
		Name: Kerri Colwell
		Title: Senior Vice President


CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender and an L/C Issuer

By:		/s/ Jill Wong
		Name: Jill Wong
		Title: Director

By:		/s/ Gordon Yip
		Name: Gordon Yip
		Title: Director


WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and an L/C Issuer

By:		/s/ Darin Mullis
		Name: Darin Mullis
		Title: Managing Director


THE BANK OF NOVA SCOTIA, as a Lender

By:		/s/ Robb Gass
		Name: Robb Gass
		Title: Managing Director


FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Lender

By:		/s/ Gabe Potyondy
		Name: Gabe Potyondy
		Title: Managing Director


JPMORGAN CHASE BANK, N.A., as a Lender

By:		/s/ Donald Wattson
		Name: Donald Wattson
		Title: Authorized Officer


KEYBANK NATIONAL ASSOCIATION, as a Lender

By:		/s/ Eric Hafertepen
		Name: Eric Hafertepen
		Title: Vice President


MIZUHO BANK, LTD., as a Lender

By:		/s/ Donna DeMagistris
		Name: Donna DeMagistris
		Title: Executive Director


TRUIST BANK, as a Lender

By:		/s/ Jonathan Hart
		Name: Jonathan Hart
		Title: Director


CITIBANK, N.A., as a Lender

By:		/s/ Chris Albano
		Name: [Chris Albano]
		Title: [Authorized Signatory]


REGIONS BANK, as a Lender

By:		/s/ Mark Hardison
		Name: Mark Hardison
		Title: Managing Director


ROYAL BANK OF CANADA, as a Lender

By:		/s/ William Behuniak
		Name: William Behuniak
		Title: Authorized Signatory


MORGAN STANLEY BANK, N.A., as a Lender

By:		/s/ Michael King
		Name: Michael King
		Title: Authorized Signatory


BANK OF THE WEST, A CALIFORNIA BANKING CORPORATION, as a Lender

By:		/s/ Sarah J. Burns
		Name: Sarah J. Burns
		Title: Vice President


THE HUNTINGTON NATIONAL BANK, as a Lender

By:		/s/ Michael J. Kinnick
		Name: Michael J. Kinnick
		Title: Managing Director


BARCLAYS BANK PLC, as a Lender

By:		/s/ Craig Malloy
		Name: Craig Malloy
		Title: Director


RAYMOND JAMES BANK, as a Lender

By:		/s/ Alex Sierra
		Name: Alex Sierra
		Title: Vice President


THE NORTHERN TRUST COMPANY, as a Lender

By:		/s/ Timothy S McDonald
		Name: Timothy S McDonald
		Title: SVP


WOODFOREST NATIONAL BANK, as a Lender

By:		/s/ Keaton Kainer
		Name: Keaton Kainer
		Title: Vice President


BOKF, NA DBA BOK FINANCIAL, as a Lender

By:		/s/ Clint Johnson
		Name: Clint Johnson
		Title: Senior Vice President


Lender	Revolving Credit Facility
Lender	Dollar Tranche Commitment		Applicable Percentage			Alternative Currency Commitment		Applicable Percentage			Revolving Commitment		Applicable Percentage			Letter of Credit Commitment
Bank of America, N.A.	$	46,459,913.85		7.147679054	%	$	26,570,719.96		7.591634275	%	$	73,030,633.81		7.303063381	%	$	12,500,000.00
Citizens Bank, National Association	$	46,459,913.86		7.147679055	%	$	26,570,719.96		7.591634274	%	$	73,030,633.82		7.303063382	%	$	12,500,000.00
Crédit Agricole Corporate and Investment Bank	$	46,459,913.85		7.147679054	%	$	26,570,719.96		7.591634274	%	$	73,030,633.81		7.303063381	%	$	12,500,000.00
Wells Fargo Bank, National Association	$	46,459,913.85		7.147679054	%	$	26,570,719.96		7.591634274	%	$	73,030,633.81		7.303063381	%	$	12,500,000.00
The Bank of Nova Scotia	$	40,675,577.00		6.257781077	%	$	23,262,620.96		6.646463131	%	$	63,938,197.96		6.393819796	%		N/A
Fifth Third Bank, National Association	$	40,675,577.00		6.257781077	%	$	23,262,620.96		6.646463131	%	$	63,938,197.96		6.393819796	%		N/A
JPMorgan Chase Bank, N.A.	$	40,675,577.00		6.257781077	%	$	23,262,620.96		6.646463131	%	$	63,938,197.96		6.393819796	%		N/A
KeyBank National Association	$	40,675,577.00		6.257781077	%	$	23,262,620.96		6.646463131	%	$	63,938,197.96		6.393819796	%		N/A
Mizuho Bank, Ltd.	$	40,675,577.00		6.257781077	%	$	23,262,620.96		6.646463131	%	$	63,938,197.96		6.393819796	%		N/A
Truist Bank	$	40,675,577.00		6.257781077	%	$	23,262,620.96		6.646463131	%	$	63,938,197.96		6.393819796	%		N/A
Citibank, N.A.	$	29,053,983.57		4.469843626	%	$	16,616,157.83		4.747473666	%	$	45,670,141.40		4.567014140	%		N/A
Regions Bank	$	29,053,983.57		4.469843626	%	$	16,616,157.83		4.747473666	%	$	45,670,141.40		4.567014140	%		N/A
Royal Bank of Canada	$	29,053,983.57		4.469843626	%	$	16,616,157.83		4.747473666	%	$	45,670,141.40		4.567014140	%		N/A
Morgan Stanley Bank, N.A.	$	29,053,983.57		4.469843626	%	$	16,616,157.83		4.747473666	%	$	45,670,141.40		4.567014140	%		N/A
Bank of the West, a California Banking Corporation	$	14,526,991.79		2.234921814	%	$	8,308,078.92		2.373736835	%	$	22,835,070.71		2.283507071	%		N/A
The Huntington National Bank	$	20,752,845.41		3.192745448	%	$	11,868,684.16		3.391052618	%	$	32,621,529.57		3.262152957	%		N/A
Barclays Bank PLC	$	32,500,000.00		5.000000000	%	$	17,500,000.00		5.000000000	%	$	50,000,000.00		5.000000000	%		N/A
Raymond James Bank	$	21,064,814.81		3.240740740	%	$	0.00		0.00	%	$	21,064,814.81		2.106481481	%		N/A
The Northern Trust Company	$	15,046,296.30		2.314814815	%	$	0.00		0.00	%	$	15,046,296.30		1.504629630	%		N/A
WoodForest National Bank	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%		N/A
BOKF, NA dba BOK Financial	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%		N/A

Total	$	650,000,000.00		100.000000000	%	$	350,000,000.00		100.000000000	%	$	1,000,000,000.00		100.000000000	%	$	50,000,000.00