Ventas Realty enters $200 million term loan due 2027

By Marisa Wong

Los Angeles, Sept. 12 – Ventas, Inc. wholly owned subsidiary Ventas Realty, LP entered into a credit agreement on Sept. 6 with Bank of America, NA as administrative agent for a $200 million unsecured term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

Ventas Realty is the borrower, and its parent is the guarantor.

The aggregate borrowing capacity may be increased, at the borrower’s option, to up to $500 million by incurring additional term loans.

Borrowings bear interest at term SOFR plus a spread based on the company’s long-term senior unsecured non-credit enhanced ratings. The spread ranges from 72.5 basis points to 160 bps.

The term loan matures on Feb. 1, 2027.

The credit agreement requires maintenance of certain consolidated total leverage, secured debt leverage, unsecured debt leverage and fixed-charge coverage ratios and minimum consolidated adjusted net worth.

BofA Securities, Inc., JPMorgan Chase Bank, NA and Morgan Stanley Senior Funding, Inc. are joint bookrunners and joint lead arrangers, and JPMorgan and Morgan Stanley are syndication agents.

Ventas is a Chicago-based health care and real estate investment trust.

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