Ventas Realty ups size to $300 million, adds five-year bullet tranche, to price Thursday

By Paul A. Harris

St. Louis, May 25 - Ventas Realty doubled the size of its bond offering to $300 million by adding a $150 million tranche of five-year bullets on Wednesday, according to a syndicate source.

The Rule 144A transaction is expected to price on Thursday.

The Louisville, Ky.-based healthcare real estate investment trust is offering $150 million of 10-year senior notes that are non-callable for five years (Ba3/BB). The notes are talked for a yield in the 7¾% area.

JP Morgan and Merrill Lynch & Co. are joint bookrunners. Banc of America Securities LLC, UBS Investment Bank and Citigroup are co-managers, with other co-managers expected to emerge.

Ventas Realty is also offering $150 million of seven-year senior notes that are non-callable for life. The notes are expected to be rated the same as the 10-year senior notes. Price talk is in the 6 7/8% area.

JP Morgan, Merrill Lynch and Banc of America Securities are joint bookrunners for the five-year tranche.

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

© 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.