Published on 6/24/2019 in the Prospect News Investment Grade Daily.
New Issue: Ventas Realty prices $450 million 2.65% senior notes due 2025 at 100 bps spread
By Cristal Cody
Tupelo, Miss., June 24 – Ventas Realty LP sold $450 million of 2.65% senior notes due Jan. 15, 2025 on Monday at 99.454 to yield 2.757%, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/BBB+) priced with a spread of 100 basis points over Treasuries.
BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities LLC were the bookrunners.
Ventas, Inc. will fully and unconditionally guarantee the notes.
Proceeds from the deal will be used together with cash on hand or borrowings under the company's revolving credit facility to purchase up to $500 million of outstanding 2.7% senior notes due 2020 in a tender offer started on Monday.
The real estate investment trust for housing and health care properties is based in Chicago.
| Issuer: | Ventas Realty LP
|
| Guarantor: | Ventas, Inc.
|
| Amount: | $450 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2025
|
| Bookrunners: | BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities LLC
|
| Senior co-managers: | Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Scotia Capital (USA) Inc. and UBS Securities LLC
|
| Co-managers: | Barclays, BB&T Capital Markets, BBVA Securities Inc., BMO Capital Markets Corp., Capital One Securities, Inc. and TD Securities (USA) LLC
|
| Junior co-managers: | BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Fifth Third Securities, Inc. and Loop Capital Markets LLC
|
| Coupon: | 2.65%
|
| Price: | 99.454
|
| Yield: | 2.757%
|
| Spread: | Treasuries plus 100 bps
|
| Call features: | Make-whole call at price equal to par and Treasuries plus 15 bps before Dec. 15, 2024; thereafter at par
|
| Trade date: | June 24
|
| Settlement date: | July 3
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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