By Stephanie N. Rotondo
Phoenix, Feb. 28 - Ventas Realty LP and Ventas Capital Corp. priced $225 million of 5.45% $25-par senior notes due March 15, 2043 (expected ratings: Baa2/BBB/BBB+), according to an FWP filed with the Securities and Exchange Commission on Thursday.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
The notes will be unconditionally guaranteed by Ventas Inc. and become redeemable on or after March 7, 2018 at par plus accrued interest. Interest will be payable on the 15th day of March, June, September and December, beginning June 15.
The company intends to list the notes on the New York Stock Exchange.
Proceeds will be used to repay amounts outstanding under an unsecured revolving credit facility and for working capital and other general corporate purposes, including future acquisitions or investments.
Ventas is a Chicago-based real estate investment trust.
| Issuers: | Ventas Realty LP and Ventas Capital Corp.
|
| Guarantor: | Ventas, Inc.
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| Securities: | Senior notes
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| Amount: | $225 million
|
| Greenshoe: | $33.75 million
|
| Maturity: | March 15, 2043
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc., RBC Capital Markets LLC
|
| Coupon: | 5.45%
|
| Price: | Par of $25
|
| Yield: | 5.45%
|
| Talk: | Originally 5.5% to 5.675%, then revised to around 5.5%
|
| Call options: | On or after March 7, 2018 at par plus accrued interest
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| Pricing date: | Feb. 28
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| Settlement date: | March 7
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| Expected ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Expected listing: | NYSE
|
| Cusip: | 92276M204
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