Ventas to draw on revolver, sell securities for property purchases

By Sara Rosenberg

New York, Sept. 8 - Ventas Inc. plans on using borrowings under its existing revolving credit facility and issuing senior notes or other debt securities to help fund the about $649 million acquisition of 67 health care and seniors housing properties from entities affiliated with Canada's Reichmann family, according to a company news release.

Other acquisition financing will come from the assumption of up to $30 million of existing secured debt and the issuance of 1.7 million shares of its common equity to the seller.

Completion of the transaction is expected late in the fourth quarter, subject to satisfaction of certain conditions, including regulatory approvals.

Ventas is a Louisville, Ky.-based health care real estate investment trust that owns seniors housing and long-term care assets.

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