Published on 8/11/2021 in the Prospect News Investment Grade Daily.
New Issue: Ventas Realty prices $500 million 2.5% 10-year notes at Treasuries plus 120 bps
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Aug. 11 – Ventas Realty, LP priced $500 million of 2.5% senior notes due Sept. 1, 2031 guaranteed by Ventas, Inc. at 99.744 to yield 2.529% at a spread of 120 basis points over Treasuries, according to a 424B2 filing with the Securities and Exchange Commission.
Price talk was in the 125 bps area over Treasuries, a market source told Prospect News.
The notes (//BBB+) feature a make-whole call and then a par call.
In addition, the notes will be mandatorily called at 101 if the company does not complete its acquisition of New Senior Investment Group Inc. by April 20, 2022.
J.P. Morgan Securities LLC, Mizuho Securities USA LLC and UBS Securities LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes.
Ventas is a real estate investment trust based in Chicago.
Issuer: | Ventas Realty LP
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Guarantor: | Ventas, Inc.
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Amount: | $500 million
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Description: | Senior notes
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Maturity: | Sept. 1, 2031
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Bookrunners: | J.P. Morgan Securities LLC, Mizuho Securities USA LLC and UBS Securities LLC
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Senior co-managers: | Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., MUFG, PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
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Co-managers: | BMO Capital Markets Corp., BNP Paribas Securities Corp., Capital One Securities, Inc. and Truist Securities Inc.
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Junior co-managers: | Fifth Third Securities Inc., Huntington Securities Inc., R. Seelaus & Co., LLC, BNY Capital Markets LLC and Loop Capital Markets LLC
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Coupon: | 2.5%
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Price: | 99.744
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Yield: | 2.529%
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Spread: | Treasuries plus 120 bps
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Call features: | Make-whole call at price equal to par and Treasuries plus 20 bps before June 1, 2031; thereafter at par; mandatorily at 101 if the company does not complete its acquisition of New Senior Investment Group Inc. by April 20, 2022
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Trade date: | Aug. 11
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Settlement date: | Aug. 20
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Rating: | Fitch: BBB+
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 125 bps area
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Cusip: | 92277GAW7
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