Published on 4/3/2018 in the Prospect News Investment Grade Daily.
New Issue: Welltower prices $550 million 4.25% notes due 2028 at 148 bps spread
By Cristal Cody
Tupelo, Miss., April 3 – Welltower Inc. sold $550 million of 4.25% 10-year notes on Tuesday at 99.959 to yield 4.255%, or a spread of Treasuries plus 148 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/BBB+) priced on the tight side of guidance in the Treasuries plus 150 bps area.
BofA Merrill Lynch, Deutsche Bank Securities Inc., MUFG, Barclays, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used to repay advances under the company’s primary unsecured credit facility and for general corporate purposes.
The Toledo, Ohio-based real estate investment trust invests in senior housing and health care real estate.
| Issuer: | Welltower Inc.
|
| Amount: | $550 million
|
| Description: | Notes
|
| Maturity: | April 15, 2028
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| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., MUFG, Barclays, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc. and Wells Fargo Securities, LLC
|
| Senior co-managers: | KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC
|
| Co-managers: | Fifth Third Securities, Inc., Mizuho Securities USA LLC, Stifel, Nicolaus & Co., Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, SMBC Nikko Securities America, Inc., Comerica Securities, Inc. and Raymond James & Associates, Inc.
|
| Coupon: | 4.25%
|
| Price: | 99.959
|
| Yield: | 4.255%
|
| Spread: | Treasuries plus 148 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before Jan. 15, 2028; thereafter at par
|
| Trade date: | April 3
|
| Settlement date: | April 10
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| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
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| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 150 bps area
|
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