Published on 2/13/2019 in the Prospect News Investment Grade Daily.
New Issue: Welltower prices $1.05 billion two-tranche offering of senior notes
By Cristal Cody
Tupelo, Miss., Feb. 13 – Welltower Inc. sold $1.05 billion of senior notes (Baa1/BBB+/BBB+) in two tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $500 million of 3.625% five-year notes at 99.657 to yield 3.699%. The bonds came at a spread of Treasuries plus 117 basis points.
Welltower sold $550 million of 4.125% 10-year notes at a spread of 147 bps over Treasuries. The notes priced at 99.555 to yield 4.179%.
Wells Fargo Securities LLC, BofA Merrill Lynch, MUFG, Barclays, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC were the bookrunners.
Proceeds will be used to repay existing debt, including the company’s 4.125% senior notes due 2019 and 6.125% senior notes due 2020.
Welltower is a senior housing and health care real estate investment trust based in Toledo, Ohio.
| Issuer: | Welltower Inc.
|
| Amount: | $1.05 billion
|
| Description: | Senior notes
|
| Bookrunners: | Wells Fargo Securities LLC, BofA Merrill Lynch, MUFG, Barclays, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC
|
| Senior co-managers: | BB&T Capital Markets, BBVA Securities Inc., BMO Capital Markets Corp., Fifth Third Securities, Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. Stifel, Nicolaus & Co., Inc. and TD Securities (USA) LLC
|
| Co-managers: | Huntington Investment Co., BNY Mellon Capital Markets, LLC, Comerica Securities, Inc., Loop Capital Markets LLC, Raymond James & Associates, Inc. and BOK Financial Securities, Inc.
|
| Trade date: | Feb. 13
|
| Settlement date: | Feb. 15
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2024
|
| Coupon: | 3.625%
|
| Price: | 99.657
|
| Yield: | 3.699%
|
| Spread: | Treasuries plus 117 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps; par call one month before maturity
|
|
|
| 10-year notes
|
| Amount: | $550 million
|
| Maturity: | March 15, 2029
|
| Coupon: | 4.125%
|
| Price: | 99.555
|
| Yield: | 4.179%
|
| Spread: | Treasuries plus 147 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps; par call one month before maturity
|
© 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.
