Published on 5/8/2024 in the Prospect News Investment Grade Daily.
New Issue: Ventas prices $500 million 5.625% guaranteed notes due 2034 at 98.75
By William Gullotti
Buffalo, N.Y., May 8 – Ventas, Inc., via Ventas Realty, LP, priced $500 million of 5.625% guaranteed senior notes due 2034 (//BBB) on Wednesday, according to an FWP and a 424B5 filed with the Securities and Exchange Commission.
The notes priced at 98.75 to yield 5.788%, reflecting a 130 basis point spread over Treasuries.
There is a make-whole call at Treasuries plus 20 bps until April 1, 2034, followed by a par call.
BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BBVA Securities Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and UBS Securities LLC are the joint bookrunning managers.
Proceeds will be used for general corporate purposes, including to repay debt or any other general corporate purposes deemed necessary or advisable, and to pay related fees and expenses.
Ventas is a Chicago-based real estate investment trust for housing and health care properties.
| Issuer: | Ventas Realty, LP
|
| Guarantor: | Ventas, Inc.
|
| Amount: | $500 million
|
| Issue: | Guaranteed senior notes
|
| Maturity: | July 1, 2034
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BBVA Securities Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and UBS Securities LLC
|
| Co-managers: | Fifth Third Securities, Inc., M&T Securities, Inc. and Loop Capital Markets LLC
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Davis Polk & Wardwell LLP
|
| Counsel to underwriters: | Goodwin Procter LLP
|
| Coupon: | 5.625%
|
| Price: | 98.75
|
| Yield: | 5.788%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until April 1, 2034, followed by a par call
|
| Pricing date: | May 8
|
| Settlement date: | May 13
|
| Rating: | Fitch: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 92277GAX5
|
|
|
© 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.
