By Aleesia Forni
Virginia Beach, Oct. 9 – Welltower Inc., formerly known as Health Care REIT Inc., sold a $500 million add-on to its existing 4% notes due June 1, 2025 on Friday at Treasuries plus 217.6 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
The notes (Baa2/BBB/BBB+) sold at 97.75 to yield 4.287%.
BofA Merrill Lynch is the bookrunner.
Proceeds will be used to repay advances under the company’s unsecured credit facility and for general corporate purposes.
The original $750 million issue sold at Treasuries plus 177 bps on May 20.
The Toledo, Ohio-based real estate investment trust invests in senior housing and health care real estate.
| Issuer: | Welltower Inc.
|
| Amount: | $500 million
|
| Description: | Add-on notes
|
| Maturity: | June 1, 2025
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 4%
|
| Price: | 97.75
|
| Yield: | 4.287%
|
| Spread: | Treasuries plus 217.6 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to March 1, 2025, then callable at par
|
| Trade date: | Oct. 9
|
| Settlement date: | Oct. 19
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Total issue size: | $1.25 billion, including $750 million priced on May 20
|
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