Ventas Realty to pay down debt on revolver via two-tranche notes issue

By Susanna Moon

Chicago, Jan. 7 – Ventas Realty, LP plans pay down debt on its unsecured revolving credit facility using proceeds of a two-tranche issue of notes, according to a 424B5 filing with the Securities and Exchange Commission.

As of Jan. 5, the company had $816.7 million of debt outstanding under its unsecured revolving credit facility, excluding outstanding letters of credit of $13.3 million, and the weighted average interest was 1.39% per year.

The new notes will be guaranteed by Ventas, Inc.

Proceeds also will be used for working capital and other general corporate purposes, including funding some of the cash payment of the company’s pending acquisition of American Realty Capital Healthcare Trust, Inc. and other future acquisitions and investments.

The real estate investment trust for housing and health care properties is based in Chicago.

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