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Ventas Realty gets $500 million replacement term loans due 2027
By Wendy Van Sickle
Columbus, Ohio, June 30 – Ventas, Inc. indirect wholly owned subsidiary Ventas Realty, LP entered into a credit agreement on June 27 for a $500 million unsecured term loan facility, according to an 8-K filing with the Securities and Exchange Commission.
The loan matures on June 27, 2027.
Bank of America, NA is administrative agent.
Aggregate borrowing capacity under the new facility may be increased to up to $1.25 billion by incurring additional term loans.
Borrowings will bear interest at term SOFR plus a spread based on the company’s senior unsecured long-term debt ratings. The margin ranges from 72.5 basis points to 160 bps.
The credit agreement requires maintenance of consolidated total leverage, secured debt leverage, unsecured debt leverage and fixed-charge coverage ratios and minimum consolidated adjusted net worth.
The facility replaces the borrower’s $300 million term loan due Jan. 31, 2023 and $600 million term loan due Jan. 31, 2024. In connection with replacing the existing credit agreement, Ventas prepaid the approximately $200 million principal amount outstanding under the credit agreement, inclusive of accrued interest.
BofA Securities, Inc. and JPMorgan Chase Bank, NA are the bookrunners and lead arrangers.
JPMorgan is syndication agent.
Citibank, NA, Credit Agricole CIB, MUFG Bank, Ltd., PNC Bank, NA, Royal Bank of Canada, TD Bank, NA, Wells Fargo Bank, NA, Bank of Nova Scotia, Mizuho Bank (USA), Sumitomo Mitsui Banking Corp., BNP Paribas, Capital One, NA and Truist Bank are the co-documentation agents.
Ventas is a real estate investment trust for housing and health care properties and is based in Chicago.
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