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Ventas Realty talks $500 million three-year exchangeable notes at 3.25%-3.75%, up 22.5%-27.5%
By Abigail W. Adams
Portland, Me., June 8 – Ventas Realty, LP plans to price a $500 million offering of three-year notes exchangeable for parent company Ventas Inc.’s common shares after the market close on Thursday with price talk for a coupon of 3.25% to 3.75% and an initial exchange premium of 22.5% to 27.5%, according to a market source.
J.P. Morgan Securities LLC, BofA Securities Inc. and Morgan Stanley & Co. LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $75 million.
The notes are freely callable if it is determined redemption of the notes is necessary to maintain Ventas’ status as a REIT.
The notes are putable upon a fundamental change.
There is dividend protection above 45 cents a quarter.
The notes will be settled in cash up to the principal amount with any remaining amount to be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used for general corporate purposes, including the repayment of debt.
Ventas is a Chicago-based health care and real estate investment trust.
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