Published on 4/10/2014 in the Prospect News Investment Grade Daily.
New Issue: Ventas sells $700 million of senior notes in three-, 10-year tranches
By Aleesia Forni
Virginia Beach, April 10 - Ventas Realty, LP sold $700 million of senior notes on Thursday in three- and 10-year tranches, according to a market source and a FWP filing with the Securities and Exchange Commission.
The sale included $300 million of 1.25% three-year notes, which sold at 55 basis points over Treasuries, or a price of 99.815 to yield 1.313%.
A second tranche was $400 million of 3.75% notes due 2024 priced at Treasuries plus 120 bps.
The notes sold at 99.304 to yield 3.834%.
Citigroup Global Markets Inc., Barclays and RBC Capital Markets LLC were the joint bookrunners.
The notes are guaranteed by Ventas, Inc.
Proceeds will be used to repay debt under an unsecured revolving credit facility and for working capital and general corporate purposes, including funding acquisitions and investments.
The real estate investment trust for housing and health care properties is based in Chicago.
| Issuer: | Ventas Realty LP
|
| Guarantor: | Ventas Inc.
|
| Issue: | Senior notes
|
| Amount: | $700 million
|
| Joint bookrunners: | Citigroup Global Markets Inc., Barclays, RBC Capital Markets LLC
|
| Senior co-managers: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc., TD Securities (USA) LLC, UBS Securities LLC
|
| Co-managers: | BBVA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Mitsubishi UFJ Securities (USA) Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Wells Fargo Securities LLC
|
| Trade date: | April 10
|
| Settlement date: | April 17
|
| Distribution: | SEC-registered
|
|
|
| Three-year notes
|
| Amount: | $300 million
|
| Maturity: | April 17, 2017
|
| Coupon: | 1.25%
|
| Price: | 99.815
|
| Yield: | 1.313%
|
| Spread: | Treasuries plus 55 bps
|
| Price talk: | Treasuries plus 60 bps area
|
| Make-whole call: | Treasuries plus 10 bps
|
|
|
| Ten-year notes
|
| Amount: | $400 million
|
| Maturity: | May 1, 2024
|
| Coupon: | 3.75%
|
| Price: | 99.304
|
| Yield: | 3.834%
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | Treasuries plus 125 bps area
|
| Make-whole call: | Treasuries plus 20 bps prior to Feb. 1, 2024, then callable at par
|
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