Diversified Healthcare Trust expected to price $500 million 10-year bullet on Thursday

By Paul A. Harris

Portland, Ore., Feb. 3 – Diversified Healthcare Trust scheduled a late Wednesday morning conference call with investors to kick off a $500 million public offering of 10-year senior bullet notes (expected ratings Ba3/BB), according to a syndicate source.

The deal is expected to price on Thursday.

Wells Fargo Securities LLC is the left active bookrunner. Citigroup Global Markets Inc. and Mizuho Securities USA Inc. are the joint active bookrunners. BofA Securities Inc., PNC Capital Markets LLC and RBC Capital Markets LLC are the joint passive bookrunners.

BMO Capital Markets Corp., Regions Securities LLC and SMBC Nikko Securities America Inc. are the joint lead managers.

Samuel A. Ramirez & Co. Inc., FHN Financial Securities Corp., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and UBS Securities LLC are the co-managers.

The notes become subject to a par call six months prior to maturity but are otherwise non-callable.

The Newton, Mass.-based real estate investment trust plans to use the proceeds for general business purposes, including repayment of $300 million 6¾% notes due 2021 on or after June 15, 2021.

Diversified Healthcare Trust owns medical office and life science properties, senior living communities and other health care related properties.

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