By Andrea Heisinger
New York, Sept. 7 - Health Care REIT, Inc. sold $450 million of 4.7% seven-year senior unsecured notes on Tuesday at Treasuries plus 270 basis points, a source away from the deal said late in the afternoon.
The notes (Baa2/BBB-/BBB) priced at 99.71 to yield 4.749%. The notes have a make-whole call of Treasuries plus 40 bps.
UBS Investment Bank, J.P. Morgan Securities Inc. and Barclays Capital Inc. were the bookrunners.
Co-managers were RBS Securities Inc., PNC Capital Markets LLC, Comerica Securities, Inc. and Fifth Third Securities, Inc.
Proceeds are being used for general corporate purposes, including investing in health care and senior housing properties and repaying borrowings under and unsecured line of credit, and for other outstanding debt.
The senior housing and health care real estate company is based in Toledo, Ohio.
| Issuer: | Health Care REIT, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $450 million
|
| Maturity: | Sept. 15, 2017
|
| Bookrunners: | UBS Investment Bank, J.P. Morgan Securities Inc., Barclays Capital Inc.
|
| Co-managers: | RBS Securities Inc., PNC Capital Markets LLC, Comerica Securities, Inc., Fifth Third Securities, Inc.
|
| Coupon: | 4.7%
|
| Price: | 99.71
|
| Yield: | 4.749%
|
| Spread: | Treasuries plus 270 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | Sept. 7
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
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