Ventas Realty to start roadshow Monday for $150 million 10-year notes

By Paul A. Harris

St. Louis, May 20 - Ventas Realty LP will begin a roadshow on Monday for a $150 million offering of 10-year senior notes (Ba3/BB), according to a syndicate source.

Pricing is expected to take place late in the week of May 23.

JP Morgan has the books for the Rule 144A offering. The co-managers are Merrill Lynch & Co., Banc of America Securities LLC, UBS Investment Bank and Citigroup, with others expected to emerge.

The notes will come with five years of call protection and will contain covenants identical to those of the company's existing 6 5/8% notes due 2014.

Proceeds will be used to fund the acquisition of Provident Senior Living Trust.

Ventas is a Louisville, Ky.-based healthcare real estate investment trust.

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