By Andrea Heisinger
New York, Feb. 1 - Ventas Realty, LP and Ventas Capital Corp. priced an upsized $600 million of 4.25% 10-year senior notes on Wednesday at a spread of 250 basis points over Treasuries, a source away from the trade said.
The deal size was increased from $400 million on demand, a second source said.
The notes (Baa2/BBB/BBB+) were priced at 99.214 to yield 4.347%. There is a make-whole call at Treasuries plus 40 bps until Dec. 1, 2021, and the notes can be redeemed after that date at par.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC.
Senior co-managers were Credit Agricole Securities USA Inc. and UBS Securities LLC.
KeyBanc Capital Markets Inc., RBC Capital Markets LLC, TD Securities USA LLC and Wells Fargo Securities LLC were the co-managers.
Proceeds will be used to repay debt under an unsecured revolving credit facility, for working capital and for other general corporate purposes, including funding future acquisitions or investments.
The notes are guaranteed by Ventas, Inc.
The real estate investment trust for senior housing and health care properties is based in Chicago.
| Issuer: | Ventas Realty, LP, Ventas Capital Corp.
|
| Guarantor: | Ventas, Inc.
|
| Issue: | Senior notes
|
| Amount: | $600 million, increased from $400 million
|
| Maturity: | March 1, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Senior co-managers: | Credit Agricole Securities USA Inc., UBS Securities LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., RBC Capital Markets LLC, TD Securities USA LLC, Wells Fargo Securities LLC
|
| Coupon: | 4.25%
|
| Price: | 99.214
|
| Yield: | 4.347%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Make-whole at Treasuries plus 40 bps until Dec. 1, 2021, after at par
|
| Trade date: | Feb. 1
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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