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Ventas buys back $34 million senior notes
Ventas, Inc. said it bought back $34 million senior notes using proceeds from its recently completed stock offering.
The Louisville, Ky. healthcare real estate investment trust said it repurchased $783,000 of its series A 8¾% senior notes due 2009 and $33.179 million series B 9% senior notes due 2012 in open market purchases.
Ventas paid a total of $37 million for the notes.
As a result of the purchases, Ventas said it will report an extraordinary loss of approximately $4 million in the 2002 fourth quarter on the extinguishment of debt.
Ventas added that it has no current intention to repurchase any additional senior notes.
Cathay International Water raises tender price
Cathay International Water Ltd. said it raised the price it is offering for its 13% senior notes due 2008 to $850 per $1,000 principal amount from $825. The increase is to match the price offered in a previous tender which expired in May 2002.
The Hong Kong infrastructure company's tender offer continues to be for $40 million principal amount of the notes.
However the expiration date was extended to 5.00 p.m. ET on Jan. 21 from 5.00 p.m. ET on Jan. 3. The company has the option to extend the offer further. The extra time was added partly because the previous date was during a holiday week.
As of 5.00 p.m. ET on Jan.3, the old expiration date, $4.015 million principal amount of notes had been validly tendered and not withdrawn.
Cathay International Water added that since Jan. 10, 1999 the notes have paid interest at 13.5% due to 50 basis points of special interest required under the terms of the notes.
Notes that have already been validly tendered and which are not withdrawn before the new expiration date will be purchased at the increased price.
Depositary for the offer is Deutsche Bank Trust Co. Americas
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