Aviv Healthcare to price $250 million eight-year notes Thursday

By Paul A. Harris

Portland, Ore., Oct. 11 - Aviv Healthcare Properties Ltd. Partnership and Aviv Healthcare Capital Corp. plan to price a $250 million offering of eight-year senior notes (existing ratings Ba3/BB) on Thursday, according to a syndicate source.

BofA Merrill Lynch, Morgan Stanley & Co., Goldman Sachs & Co. and Citigroup Global Markets are the joint bookrunners for the Rule 144A with registration rights offer.

RBC Capital Markets, SunTrust Robinson Humphrey, RBS Securities and Credit Agricole CIB are the co-managers.

The notes come with four years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

The Chicago-based real estate investment trust plans to use the proceeds to repay its revolver in full and for general corporate purposes including the potential acquisition of additional properties.

Aviv specializes specializing in the ownership and triple-net leasing of post-acute and long-term care skilled nursing facilities.

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