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Healthpeak tenders for $1.45 billion 4.25%, 4.2%, 3.875% notes
By Taylor Fox
New York, Jan. 21 – Healthpeak Properties, Inc. commenced separate tender offers to purchase for cash any and all of three series of notes totaling $1.45 billion, according to an 8-K filing with the Securities and Exchange Commission.
Healthpeak is offering to purchase the following:
• $300 million outstanding 4.25% senior notes due 2023 (Cusip: 40414LAJ8) at a price based on the 0.125% U.S. Treasury note due Aug. 15, 2023 and a fixed spread of 25 basis points;
• $350 million outstanding 4.2% senior notes due 2024 (Cusip: 40414LAK5) at a price based on the 2.875% U.S. Treasury note due Nov. 30, 2023 and a fixed spread of 25 bps; and
• $800 million outstanding 3.875% senior notes due 2024 (Cusip: 40414LAL3) at a price based on the 2.5% U.S. Treasury note due May 15, 2024 and a fixed spread of 25 bps.
Pricing will be determined at 2 p.m. ET Jan. 27.
Healthpeak will also pay interest on notes tendered and accepted for purchase.
The offers will expire at 5 p.m. ET Jan. 27.
The settlement date is expected for Jan. 28, and the guaranteed delivery settlement date is expected for Feb. 1.
Healthpeak said it expects to redeem any securities that remain outstanding after the offers.
The offers will be funded using proceeds from closed senior housing dispositions.
None of the offers is conditioned on the completion of any of the other offers, and each offer is independent of any other offer. None of the offers is conditioned on a minimum principal amount of any series of securities being tendered.
Credit Suisse Securities (USA) LLC (800 820-1653, 212 325-6340) and Credit Agricole Securities (USA) Inc. (866 807-6030, 212 261-7802) are the dealer managers.
Global Bondholder Services Corp. (866 470-4500, 212 430-3774) is the information and tender agent.
The real estate investment trust is based in Irvine, Calif.
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