Ventas closes new $2 billion revolver due 2015 at Libor plus 125 bps

By Angela McDaniels

Tacoma, Wash., Oct. 18 - Ventas, Inc. subsidiary Ventas Realty, LP closed a new $2 billion revolving credit facility due October 2015, according to a company news release.

The initial interest rate is Libor plus 125 basis points.

The revolver has a $500 million accordion feature.

The company has the option to extend the maturity date for one year under certain conditions.

The revolver replaces the company's prior $1 billion revolving credit facilities due April 2012. They were most recently priced at Libor plus 280 bps.

Bank of America, NA is the administrative agent.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners. Together with Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, UBS Securities LLC, Barclays Capital and KeyBanc Capital Markets, Inc., they were the lead arrangers.

JPMorgan Chase Bank, NA acted as the syndication agent. Citibank, NA, Credit Agricole, UBS Loan Finance LLC, Barclays Bank plc, KeyBanc NA and Toronto-Dominion Bank were documentation agents.

"Our [Nationwide Health Properties, Inc.] acquisition resulted in a stronger Ventas, with an improved balance sheet, two credit ratings upgrades and a larger, more diversified portfolio," Ventas chairman and chief executive officer Debra Cafaro said in the release. "All of these contributed to the successful completion of our new $2 billion revolving credit facility, reduced debt costs and our outstanding liquidity."

Ventas is a health-care real estate investment trust based in Chicago.

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