Published on 3/14/2012 in the Prospect News High Yield Daily.
New Issue: Aviv Healthcare sells upsized $100 million tap of 7¾% notes due 2019 at 101
By Paul A. Harris
Portland, Ore., March 14 - Aviv Healthcare Properties LP and Aviv Healthcare Capital Corp. priced an upsized $100 million add-on to its 7¾% senior notes due Feb. 15, 2019 (B1/B+/) at 101 to yield 7.498% on Wednesday, according to a syndicate source.
The reoffer price came in the middle of the 100.75 to 101.25 price talk.
Bank of America Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC were the joint bookrunners for the quick-to-market add-on, which was upsized from $75 million.
The Chicago-based owner of skilled nursing facilities plans to use the proceeds to repay debt outstanding under the acquisition credit line.
The original $200 million issue priced at par in January 2011.
| Issuer: | Aviv Healthcare Properties LP and Aviv Healthcare Capital Corp.
|
| Amount: | $100 million, increased from $75 million
|
| Maturity: | Feb. 15, 2019
|
| Security description: | Add-on to 7¾% senior notes due Feb. 15, 2019
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC
|
| Senior co-manager: | Citigroup Global Markets, Inc.
|
| Co-managers: | Stifel, Nicolaus & Co., CSCA Capital Advisors, LLC
|
| Coupon: | 7¾%
|
| Price: | 101
|
| Yield: | 7.498%
|
| 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
|
| Trade date: | March 14
|
| Settlement date: | March 28 with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 100.75 to 101.25
|
| Marketing: | Quick to market
|
| Original issue: | $200 million priced at par in January 2011
|
| Total issue size: | $300 million
|
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