Ventas $400 million note talked at 8 5/8%-87/8% for seven-years, 9%-9¼% for 10-years

By Paul A. Harris

St. Louis, Mo., April 11 - Price talk emerged Thursday on the two tranches of Ventas Realty LP/Ventas Capital Corp.'s offering of $400 million senior notes (Ba3/BB-), according to a syndicate source.

Official talk is 8 5/8%-8 7/8% on the seven-year maturity and 9%-9¼% on the 10-year maturity.

Both maturities are non-callable, according to the source who added that tranche sizes remain to be determined.

Pricing is expected late Friday afternoon.

UBS Warburg and Merrill Lynch & Co. are joint bookrunners on the Rule 144A deal. Banc of America Securities, CIBC World Markets and JP Morgan are co-managers.

Ventas, a Louisville, Ky.-based health care REIT, will use the proceeds to refinance bank debt.

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