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Ventas to use proceeds from senior note offering to pay down revolver
By Toni Weeks
San Luis Obispo, Calif., Feb. 28 - Ventas, Inc. subsidiaries Ventas Realty, LP and Ventas Capital Corp. plan to use the proceeds of their planned offering of senior notes due 2043 to repay debt outstanding under the companies' unsecured revolving credit facility and for working capital and other general corporate purposes, including future acquisitions, according to a 424B5 filing with the Securities and Exchange Commission.
As of Feb. 26, the companies had $1 billion of debt outstanding under the revolver, excluding outstanding letters of credit of $3.2 million, the filing noted. Proceeds from the revolver were used for working capital and other general corporate purposes, including acquisitions and investments.
The weighted average interest rate applicable to the debt was 1.33% per year. The revolver matures Oct. 16, 2015 but may be extended by one year.
BofA Merrill Lynch, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities are the joint bookrunning managers for the senior notes offering.
Ventas is a Chicago-based real estate investment trust.
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