Published on 8/12/2019 in the Prospect News Investment Grade Daily.
New Issue: Ventas Realty sells $650 million 3% notes due 2030 at 140 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 12 – Ventas Realty LP sold $650 million of 3% guaranteed senior notes due Jan. 15, 2030 (Baa1/BBB+/BBB+) on Monday at a spread of 140 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.506 to yield 3.056%.
J.P. Morgan Securities, LLC, Credit Agricole Securities (USA) Inc., MUFG and Wells Fargo Securities LLC were the bookrunners.
Ventas, Inc. will fully and unconditionally guarantee the notes.
Proceeds will be used together with cash on hand or borrowings under the company's revolving credit facility to purchase outstanding notes in a tender offer.
The real estate investment trust for housing and health care properties is based in Chicago.
| Issuer: | Ventas Realty LP
|
| Guarantor: | Ventas, Inc.
|
| Amount: | $650 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2030
|
| Bookrunners: | J.P. Morgan Securities, LLC, Credit Agricole Securities (USA) Inc., MUFG and Wells Fargo Securities LLC
|
| Senior co-managers: | Barclays, BBVA Securities Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, SMBC Nikko Securities America, Inc. and UBS Securities LLC
|
| Co-managers: | BMO Capital Markets Corp., BofA Securities, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
|
| Junior co-managers: | BNP Paribas Securities Corp., Fifth Third Securities, Inc., BNY Mellon Capital Markets, LLC and Loop Capital Markets LLC
|
| Coupon: | 3%
|
| Price: | 99.506
|
| Yield: | 3.056%
|
| Spread: | Treasuries plus 140 bps
|
| Call features: | Make-whole call at price equal to par and Treasuries plus 25 bps before Oct. 15, 2029; thereafter at par
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 21
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
© 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.
