By Cristal Cody
Eureka Springs, Ark., May 25 – Ventas Realty, LP sold an upsized $400 million of 3.125% seven-year senior notes on Wednesday with a spread of 155 basis points over Treasuries, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
The price was 99.343.
The notes (Baa1/BBB+/BBB+) priced on the tight side of guidance of Treasuries over 160 bps, plus or minus 5 bps.
The deal was upsized from $350 million.
The bookrunners were Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Jefferies LLC.
The notes are guaranteed by Ventas, Inc.
The proceeds from the offering, together with cash on hand and/or borrowings under the company’s revolving credit facility, will be used to purchase Ventas Realty’s 1.55% senior notes due 2016 in a tender offer and for other corporate purposes.
The real estate investment trust for housing and health care properties is based in Chicago.
| Issuer: | Ventas Realty, LP
|
| Guarantor: | Ventas, Inc.
|
| Amount: | $400 million
|
| Maturity: | June 15, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Jefferies LLC
|
| Coupon: | 3.125%
|
| Price: | 99.343
|
| Spread: | Treasuries plus 155 bps
|
| Pricing date: | May 25
|
| Settlement date: | June 2
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 160 bps, plus or minus 5 bps
|
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