By Paul Deckelman
New York, June 7 - Ventas Realty and Ventas Capital Corp. sold $50 million of new senior notes Tuesday as an add-on to its existing 6 5/8% notes due 2014, pricing them at 99 to yield 6.79%, high-yield primary market sources said.
The Rule 144A notes were brought to market by sole book-running manager Banc of America Securities.
The original $125 million issue of 6 5/8% notes priced at par on Oct. 8, 2004.
Tuesday's quickly shopped add-on was the Louisville, Ky.-based healthcare real estate investment trust's second visit to the capital markets in recent weeks, following its sale of $175 million of new 6¾% senior notes due 2010 and $175 million of 7 1/8% senior notes due 2015, which priced on May 27.
Ventas plans to use the add-on sale proceeds to repay bank debt.
They carry ratings consistent with the existing 6 5/8% issue's Ba3 ratings from Moody's Investors Service and BB rating from Standard & Poor's.
| Issuer: | Ventas Realty/Ventas Capital Corp.
|
| Amount: | $50 million
|
| Security description: | Add-on senior notes
|
| Maturity: | Oct. 15, 2004
|
| Bookrunner: | Banc of America Securities
|
| Coupon: | 6 5/8%
|
| Price: | 99
|
| Yield: | 6.769%
|
| Spread: | 284 basis points
|
| Call features: | Make-whole call at Treasuries plus 50 basis points until Oct. 15, 2009, then callable at 103.313, 102.209, 101.104, par on or after Oct. 15, 2012
|
| Equity clawback: | Until Oct. 15, 2007 for 35% at 106.625
|
| Settlement: | June 14 (T+5), with accrued interest
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
|
|
© 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.
