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Ventas Realty gets new $3 billion unsecured credit facility
By Jennifer Chiou
New York, Dec. 10 - Ventas Realty, LP announced that it closed on its new $3 billion unsecured credit facility with Bank of America, NA as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities LLC as joint bookrunners.
According to a news release, the credit facility is comprised of a $2 billion revolving credit facility initially priced at Libor plus 100 basis points, and a $200 million four-year term loan and an $800 million five-year term loan, each initially priced at Libor plus 105 bps.
JPMorgan Chase Bank, NA acted as syndication agent, and Merrill Lynch, J.P. Morgan Securities, Barclays Capital, Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, RBC Capital Markets, the Toronto Dominion Bank and UBS Securities LLC were joint lead arrangers.
There is a $500 million accordion feature.
Proceeds were used to repay amounts outstanding under the company's previous $2 billion unsecured revolving credit facility.
"Ventas' successful completion of our new credit facility reduces our debt costs and enhances our liquidity, so that we can continue to grow and perform," chairman and chief executive officer Debra A. Cafaro said in the release.
"Our strong balance sheet, consistent superior performance, growing cash flows and credit ratings improvements all contributed to the success of this facility. We are extremely appreciative of the support we received from our 23 new and incumbent lenders and pleased by the depth and breadth of their capital commitments, which exceeded $4 billion."
Ventas is a Chicago-based real estate investment trust.
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