By Paul A. Harris
Portland, Ore., Jan. 27 - Aviv Healthcare Properties Partnership and Aviv Healthcare Capital Corp. priced a $200 million issue of eight-year senior notes (B1/B+/) at par to yield 7¾% on Thursday, according to an informed source.
The yield printed at the tight end of the 7 7/8% area price talk.
Bank of America Merrill Lynch was the left bookrunner. Morgan Stanley & Co. Inc. and RBC Capital Markets were the joint bookrunners.
The Chicago-based owner of skilled nursing facilities plans to use the proceeds to repay drawings under its acquisition credit line and to partially repay its mortgage term loan.
| Issuers: | Aviv Healthcare Properties Partnership and Aviv Healthcare Capital Corp.
|
| Amount: | $200 million
|
| Maturity: | Feb. 15, 2019
|
| Securities: | Senior notes
|
| Left bookrunner: | Bank of America Merrill Lynch
|
| Joint bookrunners: | Morgan Stanley & Co. Inc., RBC Capital Markets
|
| Senior co-manager: | Citigroup Global Markets Inc.
|
| Co-manager: | Stifel Nicolaus
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 476 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2015, then callable at a premium
|
| Equity clawback: | 35% at 107.75 until Feb. 15, 2014
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 7 7/8% area
|
| Marketing: | Roadshow
|
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