New Issue: Ventas Realty $125 million 10.5-year notes yield 6.566%

By Paul A. Harris

St. Louis, Dec. 6 - Ventas Realty LP, issuing in conjunction with Ventas Capital Corp., priced a quick to market $125 million issue of 6½% notes due June 1, 2016 (Ba2/BB+) at 99.50 on Tuesday to yield 6.566%.

Banc of America Securities LLC and UBS Investment Bank ran the books for the Rule 144A with registration rights issue. The co-managers were Citigroup, JP Morgan and Merrill Lynch & Co.

Proceeds along with borrowings under its revolving credit facility will be used to repay outstanding debt under the company's commercial mortgage backed securitization loan.

The issuer is a Louisville, Ky.-based health care real estate investment trust.

Issuers:	Ventas Realty, LP and Ventas Capital Corp.
Amount:	$125 million
Maturity:	June 1, 2016
Security description:	Senior notes
Bookrunners:	Banc of America Securities LLC, UBS Investment Bank
Co-managers:	Citigroup, JP Morgan, Merrill Lynch & Co.
Coupon:	6½%
Price:	99.50
Yield:	6.566%
Spread:	207 basis points
Call features:	Callable after June 1, 2011 at 103.25, 102.167, 101.083, par on and after June 1, 2014
Equity clawback:	Until June 1, 2009 for 35% at 106.50
Trade date:	Dec. 6
Settlement date:	Dec. 9
Ratings:	Moody's: Ba2
	Standard & Poor's: BB+

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