Ventas receives tenders for $455.53 million of 1.55% notes due 2016

By Wendy Van Sickle

Columbus, Ohio, June 2 – Ventas, Inc. said subsidiary Ventas Realty, LP received and accepted tenders for $453,531,000, or 82.46%, of its $550 million of 1.55% senior notes due 2016 in its offer to buy any and all of the notes.

An additional $1,939,000 remains subject to guaranteed delivery procedures.

The offer was announced May 25 and expired at 5 p.m. ET on June 1.

The company paid $1,003.55 per $1,000 principal amount of the notes plus accrued interest up to but excluding the payment date, which was Thursday, according to a news release.

Ventas Realty funded the payment for tendered and accepted notes with the net proceeds from its previously announced sale of $400 million of 3.125% senior notes due 2023, as well as with cash on hand and/or borrowings under its unsecured revolving credit facility.

Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808) and Wells Fargo Securities, LLC (704 410-4760 or 866 309-6316) are dealer managers. D.F. King & Co., Inc. (212 269-5550, 866 416-0576 or ventas@dfking.com) is the information agent and tender agent.

Ventas is a Chicago-based real estate investment trust with a portfolio of 1,300 assets in the United States, Canada and the United Kingdom that includes senior housing communities, medical office buildings, skilled nursing facilities, specialty hospitals and general acute care hospitals.

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