By Andrea Heisinger
New York, Nov. 8 - Ventas Realty LP and Ventas Capital Corp. priced an upsized $400 million of 3.125% five-year senior notes on Monday to yield Treasuries plus 210 basis points, an informed source said.
The deal was originally talked at $300 million, a source said. Guidance was whispered in the mid 200 bps and then revised to the 215 bps area, plus or minus 5 bps. The notes priced at the tight end of talk.
The notes (Baa3/BBB-/BBB) priced at 99.528 to yield 3.227%. They have a make-whole call at Treasuries plus 40 bps.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc. and Citigroup Global Markets Inc. The joint lead manager was Credit Agricole Securities (USA) Inc.
BMO Capital Markets Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co., KeyBanc Capital Markets Inc., RBC Capital Markets Corp. and UBS Securities LLC were the co-managers.
Proceeds are going to repay debt under unsecured revolving credit facilities, for working capital and for other general corporate purposes, including funding other future acquisitions and investments.
The notes are guaranteed by parent company Ventas, Inc.
The real estate investment trust of senior housing and health care properties is based in Chicago.
| Issuer: | Ventas Realty LP, Ventas Capital Corp.
|
| Guarantor: | Ventas, Inc.
|
| Issue: | Senior notes
|
| Amount: | $400 million, upsized from $300 million
|
| Maturity: | Nov. 30, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc.
|
| Joint lead manager: | Credit Agricole Securities (USA) Inc.
|
| Co-managers: | BMO Capital Markets Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co., KeyBanc Capital Markets Inc., RBC Capital Markets Corp., UBS Securities LLC
|
| Coupon: | 3.125%
|
| Price: | 99.528
|
| Yield: | 3.227%
|
| Spread: | Treasuries plus 210 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Price talk: | Mid 200 bps (whispered), 215 bps area, plus or minus 5 bps (revised)
|
© 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.
