Welltower plans notes in three parts, including add-on to 4.25% notes

By Devika Patel

Knoxville, Tenn., Aug. 9 – Welltower Inc. intends to offer fixed-rate notes in three tranches, including an add-on to its 4.25% senior notes (Baa3/BBB/BBB-) due April 15, 2028, according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $550 million of the 4.25% notes in a sale that priced on April 3 and settled April 10. The notes were priced at 99.959 to yield 4.255%, with a spread of 148 bps over Treasuries.

The new notes will be due in 2023 and 2048.

The new notes have a make-whole call and then a par call. The 4.25% notes have a make-whole call at Treasuries plus 25 bps before Jan. 15, 2028 and then a par call.

Barclays, Citigroup Global Markets Inc. and MUFG are the bookrunners.

Proceeds will be used to repay advances under the company’s term loan and under its primary unsecured credit facility and for general corporate purposes.

Welltower is a senior housing and health care real estate investment trust based in Toledo, Ohio.

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