Fitch: Ventas notes BBB+

Fitch Ratings said it has assigned a BBB+ rating to the $275 million aggregate principal amount of 3.25% coupon senior unsecured notes due 2022 issued by the operating partnership of Ventas, Inc., Ventas Realty, Ltd. Partnership and a wholly owned subsidiary of Ventas Realty, Ventas Capital Corp.

The notes are guaranteed by Ventas, Inc. on a senior unsecured basis and were priced at 99.027% of par to yield 3.365% to maturity, or 188 basis points over the benchmark treasury rate, the agency said.

Fitch added that the company expects to use the net proceeds from the offering to prepay in full its $200 million unsecured term loan due 2013, which bears interest at an all-in fixed rate of 4% per annum, to repay indebtedness outstanding under its unsecured revolving credit facility and for working capital and other general corporate purposes, including to fund future acquisitions and investments, if any.

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