By Paul A. Harris
Portland, Ore., Oct. 11 - Aviv Healthcare Properties LP and Aviv Healthcare Capital Corp. priced a $250 million issue of eight-year senior notes (Ba3/BB) at par to yield 6% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 6% to 6¼% yield talk.
BofA Merrill Lynch was the left bookrunner. Morgan Stanley & Co. LLC, Goldman Sachs & Co. and Citigroup Global Markets were the joint bookrunners.
The Chicago-based real estate investment trust plans to use the proceeds to repay its revolving credit facility in full and for general corporate purposes including the potential acquisition of additional properties.
Aviv specializes in the ownership and triple-net leasing of post-acute and long-term care skilled nursing facilities.
| Issuers: | Aviv Healthcare Properties LP and Aviv Healthcare Capital Corp.
|
| Amount: | $250 million
|
| Maturity: | Oct. 15, 2021
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Morgan Stanley & Co. LLC, Goldman Sachs & Co. and Citigroup Global Markets
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 367 basis points
|
| First call: | Oct. 15, 2017 at 103
|
| Equity clawback: | 35% at 106 until Oct. 15, 2016
|
| Investor put: | 101% upon change of control
|
| Trade date: | Oct. 10
|
| Settlement date: | Oct. 16
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Quick-to-market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
