CareTrust REIT, Inc. filed a Form 8-K on October 30, 2026, disclosing that on October 29, 2026, its operating partnership entered into a fourth amended and restated credit and guaranty agreement providing for a total credit facility of approximately $3.2 billion.

Key Highlights

  • New credit facility total: The Credit Agreement provides for a $2.0 billion unsecured revolving credit facility, a new $700.0 million unsecured term loan facility, and an existing $500.0 million unsecured term loan facility.
  • Alternative currency subtranche: The revolving credit facility includes a $300.0 million subtranche for borrowings in Euros, British Pounds Sterling, and Canadian Dollars.
  • Maturity dates: The revolving credit facility matures February 9, 2031 (with two six-month extension options); the new term loan matures February 9, 2032; the existing term loan matures May 30, 2030.
  • Accordion feature: The Operating Partnership may seek to increase revolving commitments and/or add new term loan tranches by up to $1.0 billion in aggregate, subject to lender commitments and covenant compliance.
  • Interest rate structure: U.S. Dollar revolving loans bear interest at base rate plus 0.00%-0.35% or Term SOFR/Daily Simple SOFR plus 0.675%-1.35%, based on the company's senior long-term unsecured debt ratings.
  • Administrative agent: KeyBank National Association serves as administrative agent, issuing bank, and swingline lender under the Credit Agreement.
  • Intended use of proceeds: According to the filing, the company "currently expects to use borrowings under the Credit Facility to refinance existing debt, to fund investments and for general corporate purposes."

CareTrust REIT Replaces Prior Credit Agreement with Expanded $3.2B Facility

On October 29, 2026, CTR Partnership, L.P., the operating partnership of CareTrust REIT, Inc. (NYSE:CTRE), as borrower, along with the company as guarantor, CareTrust GP, LLC, and certain wholly owned subsidiaries, entered into a fourth amended and restated credit and guaranty agreement. The agreement replaces the company's prior third amended and restated credit and guaranty agreement dated December 18, 2024. KeyBank National Association acts as administrative agent, issuing bank, and swingline lender.

The Credit Facility consists of three components: a $2.0 billion unsecured revolving credit facility - which includes a $300.0 million alternative currency subtranche, a letter of credit subfacility for 10% of available revolving commitments, and a swingline loan subfacility for 10% of available revolving commitments - a new $700.0 million unsecured term loan facility, and an existing $500.0 million unsecured term loan facility. Outstanding revolving borrowings and term loans under the prior agreement, to the extent not repaid with proceeds of the new term loan, continue to be outstanding under the updated facility. The filing states the company does not currently have any commitments for the potential $1.0 billion accordion increase.

Loans under the Credit Facility are not subject to interim amortization prior to final maturity, except for swingline loans, which are due and payable within ten business days of advancement if sooner than the final maturity date. Prepayment is permitted without premium or penalty, subject to reimbursement of any Term SOFR breakage costs. The Credit Agreement requires quarterly testing of financial maintenance covenants including a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum secured debt to asset value ratio, a maximum unsecured debt to unencumbered properties asset value ratio, and a minimum unsecured interest coverage ratio.

What Was Disclosed

CareTrust REIT disclosed entry into a fourth amended and restated credit agreement on October 29, 2026, establishing a combined $3.2 billion credit facility comprising a $2.0 billion revolving facility and two term loan facilities totaling $1.2 billion, with KeyBank National Association as administrative agent.