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Published on 7/7/2016 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.

New Issue: Care Capital Properties prices $500 million 10-year notes at par to yield 5.125%

By Paul A. Harris

Portland, Ore., July 7 – Care Capital Properties, LP priced a $500 million issue of non-callable 10-year senior notes (Baa3/BBB-/BBB-) at par to yield 5.125% on Thursday, according to a syndicate source.

The yield printed at the tight end of yield talk in the 5.25% area. Initial guidance was also 5.25%.

In an attempt to reach a broad investor base, the investment-grade rated deal was run as a joint effort on the high-yield and high-grade syndicate desks, an informed source said.

Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and BofA Merrill Lynch were the joint bookrunners.

The Chicago-based health care real estate investment trust plans to use the proceeds to repay all debt outstanding under its $600 million term loan and a portion of the debt outstanding under its $800 million term loan.

Issuer:Care Capital Properties, LP
Amount:$500 million
Maturity:Aug. 15, 2026
Securities:Senior notes
Bookrunners:Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch
Senior co-managers:Stifel Nicolaus & Co. Inc., MUFG, PNC Capital Markets LLC, Credit Agricole Securities (USA) Inc.
Co-managers:BBVA Securities Inc., RBC Capital Markets LLC, UBS Securities LLC, Morgan Stanley & Co. LLC, BB&T Capital Markets, Fifth Third Securities Inc.
Coupon:5.125%
Price:Par
Yield:5.125%
Spread:373.7 bps
Call protection:Non-callable
Trade date:July 7
Settlement date:July 14
Ratings:Moody's: Baa3
S&P: BBB-
Fitch: BBB-
Distribution:Rule 144A and Regulation S with registration rights
Price talk:5.25% area
Marketing:Roadshow

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