Published on 3/30/2020 in the Prospect News Investment Grade Daily.
New Issue: Ventas Realty prices $500 million of 4.75% notes due 2030 at 430 bps over Treasuries
By Cristal Cody
Tupelo, Miss., March 30 – Ventas Realty LP sold $500 million of 4.75% guaranteed senior notes due Nov. 15, 2030 (Baa1/BBB+/BBB+) on Monday at a spread of 430 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were initially talked to print in the Treasuries plus 400 bps area.
The notes priced at 97.862 to yield 5.011%.
BofA Securities, Inc. and Wells Fargo Securities LLC were the bookrunners.
Ventas, Inc. will fully and unconditionally guarantee the notes.
Proceeds will be used for working capital and other general corporate purposes, including debt repayment.
The real estate investment trust for housing and health care properties is based in Chicago.
| Issuer: | Ventas Realty LP
|
| Guarantor: | Ventas, Inc.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 15, 2030
|
| Bookrunners: | BofA Securities, Inc. and Wells Fargo Securities LLC
|
| Senior co-managers: | Barclays, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Jefferies LLC, J.P. Morgan Securities LLC, MUFG, RBC Capital Markets, LLC, TD Securities (USA) LLC and UBS Securities LLC
|
| Co-managers: | BMO Capital Markets Corp., BBVA Securities Inc., Capital One Securities, Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey, Inc.
|
| Junior co-managers: | BNP Paribas Securities Corp., Fifth Third Securities, Inc., BNY Mellon Capital Markets, LLC and Loop Capital Markets LLC
|
| Coupon: | 4.75%
|
| Price: | 97.862
|
| Yield: | 5.011%
|
| Spread: | Treasuries plus 430 bps
|
| Call features: | Make-whole call at price equal to par and Treasuries plus 50 bps before Aug. 15, 2030; thereafter at par
|
| Trade date: | March 30
|
| Settlement date: | April 1
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 400 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
