Published on 11/16/2021 in the Prospect News Investment Grade Daily.
New Issue: Welltower sells $500 million 2.75% notes due January 2029 at 112.5 bps over Treasuries
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Nov. 16 – Welltower Inc. priced $500 million of 2.75% notes due Jan. 15, 2029 (Baa1/BBB+) at Treasuries plus 112.5 basis points on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The spread was lower than talk in the Treasuries plus 125 bps area, according to market sources.
The notes priced at 99.917 to yield 2.759%.
Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., BofA Securities Inc., KeyBanc Capital Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets LLC, MUFG, Barclays, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including debt repayment and investing in health care and seniors housing properties.
The Toledo, Ohio-based real estate investment trust invests in senior housing and health care real estate.
| Issuer: | Welltower Inc.
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| Amount: | $500 million
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| Description: | Notes
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| Maturity: | Jan. 15, 2032
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| Bookrunners: | Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., BofA Securities Inc., KeyBanc Capital Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets LLC, MUFG, Barclays, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC
|
| Senior co-managers: | Scotia Capital (USA) Inc., BMO Capital Markets Corp., Stifel, Nicolaus & Co. Inc., Fifth Third Securities Inc., SMBC Nikko Securities America Inc., TD Securities (USA) LLC, Truist Securities, Inc., Regions Securities LLC, Capital One Securities, Inc., BNP Paribas Securities Corp. and Huntington Securities Inc.
|
| Co-managers: | BNY Mellon Capital Markets, LLC, Comerica Securities Inc., Hancock Whitney Investment Services Inc., Loop Capital Markets LLC, Synovus Securities Inc. and BOK Financial Securities Inc.
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| Coupon: | 2.75%
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| Price: | 99.917
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| Yield: | 2.759%
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| Spread: | Treasuries plus 112.5 bps
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| Call: | Make-whole call at Treasuries plus 20 bps until three months prior to maturity, then a par call
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| Trade date: | Nov. 16
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| Settlement date: | Nov. 19
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Talk: | Treasuries plus 125 bps area
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| Cusip: | 95040QAP9
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