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Welltower tenders for up to $300 million of 3.95%, 3.75% notes
By Sarah Lizee
Olympia, Wash., June 16 – Welltower Inc. launched an offer to purchase for cash up to $300 million of its $600 million 3.95% notes due 2023 (Cusip: 95040QAE4) and $500 million 3.75% notes due 2023 (Cusip: 42217KBA3), according to a press release.
Pricing for the 3.95% notes will be set using the 0.25% Treasury due June 15, 2023 plus 115 basis points, and pricing for the 3.75% notes will be set using the 0.25% Treasury due June 15, 2023 plus 130 bps.
Tendered notes may be subject to pro rata scaling.
The offer is not conditioned on the tender of any minimum principal amount of notes.
The early tender time is 5 p.m. ET on June 29. Tender instructions may be withdrawn at or prior to the early tender time. Early settlement is expected to be July 1.
Pricing will be determined at 10 a.m. ET on June 30.
The offer will expire at midnight ET on July 15. Final settlement is expected for July 16.
Holders who tender their notes at or prior to the early tender date will be eligible to receive the total consideration, which will include an early tender premium of $30 per $1,000 of notes.
Holders will also receive accrued interest.
The dealer managers are BofA Securities, Inc. (debt_advisory@bofa.com, 980 387-3907 collect), J.P. Morgan Securities LLC (212 834-2042 collect, 866 834-4666 toll free) and Wells Fargo Securities, LLC (704 410-4759 collect, 866 309-6316 toll-free).
The tender and information agent is D.F. King & Co., Inc. (212 269-5550, 800 252-8173 toll free, welltower@dfking.com).
The Toledo, Ohio-based real estate investment trust invests in senior housing and health care real estate.
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