By Paul A. Harris
St. Louis, Mo., April 12 - Ventas Realty LP/Ventas Capital Corp. priced $400 million of senior notes (Ba3/BB-) in a two-tranche offering Friday, according to a syndicate source.
Ventas priced $175 million of notes due May 1, 2009 at par to yield 8¾% and $225 million due May 1, 2012 at par to yield 9%.
Price talk on the two tranches had been 8 5/8%-8 7/8% and 9%-9¼%, respectively.
UBS Warburg and Merrill Lynch & Co. were joint bookrunners. Co-managers were Banc of America Securities, JP Morgan, Credit Lyonnais, CIBC World Markets and US Bancorp Piper Jaffray.
Proceeds from the Rule 144A bullets will be used to refinance bank debt.
The company is a Louisville, Ky. health care REIT.
Issuer: Ventas Realty LP/Ventas Capital Corp.
Type: Senior notes
Bookrunners: UBS Warburg, Merrill Lynch
Call features: Make-whole call at Treasuries plus 50 basis points
Payment dates: May 1 and Nov. 1 commencing Nov. 1, 2002
| Settlement date: | April 17, 2002 (T+3)
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| Ratings: | Moody's: Ba3
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| Standard & Poor's: BB-
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| Seven-year tranche:
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| Amount: | $175 million
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| Maturity: | May 1, 2009
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| Coupon: | 8¾%
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| Price: | Par
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| Yield: | 8¾%
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| Spread: | | 377 basis points over the 5½% Treasury due May, 2009
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| Rule 144A CUSIP: | 92276MAA3
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| Ten-year tranche:
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| Amount: | $225 million
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| Maturity: | May 1, 2012
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| Coupon: | 9%
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| Price: | Par
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| Yield: | 9%
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| Spread: | | 384 basis points over the 4 7/8% Treasury due Feb., 2012
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| Rule 144A CUSIP: | 92276MAC9
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