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Ventas: Timing was right to sell notes, meet liquidity needs for year
By Andrea Heisinger
New York, Feb. 2 - Real estate investment trust Ventas, Inc. considered the $600 million sale of 10-year notes priced by two of its subsidiaries on Wednesday a success, a spokesperson for the company said Thursday.
"We thought the deal went well," said Lori Wittman, vice president of capital markets for Ventas. "The market conditions have come back a lot from where they were a month ago."
The deal size was increased from $400 million due to demand.
Wittman said that the books for the trade were "quite oversubscribed" and that the company was encouraged by that.
"We made sure there was good liquidity in the bonds," she said. "That's important to bondholders."
The 10-year maturity was decided on because "30 years is a long time" and yet the company was looking to increase its average length of maturity, Wittman said, later adding that "there's a lot of depth in the 10-year market."
Pricing went well, and the notes (Baa2/BBB/BBB+) came in through where comparable paper was in secondary trading, she said.
"We thought the market looked good and there was a positive tone," Wittman said. "We needed liquidity this year for some acquisitions and other expenditures, so we jumped in while there was a window open rather than waiting."
Proceeds are being 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, according to a 424B5 filing with the Securities and Exchange Commission.
The REIT for senior housing and health-care properties is based in Chicago.
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