New Issue: Ventas Realty sells $125 million 10-year notes to yield 6 5/8%

By Paul A. Harris

St. Louis, Oct. 8 - Ventas Realty LP priced $125 million of 10-year senior notes (Ba3/BB) at par to yield 6 5/8% in a quick-to-market transaction Friday.

Price talk was in the 6 5/8% area.

Banc of America Securities and JP Morgan ran the books for the Rule 144A issue. The co-managers were Citigroup, Merrill Lynch and UBS Investment Bank.

Proceeds will be used to repay a portion of the company's revolving credit facility.

The issuer is a Louisville, Ky.-based healthcare real estate investment trust that owns healthcare and senior housing assets.

Issuer:	Ventas Realty LP
Amount:	$125 million
Maturity:	Oct. 15, 2014
Security description:	Senior notes
Bookrunners:	Banc of America Securities, JP Morgan
Co-managers:	Citigroup, Merrill Lynch, UBS Investment Bank
Coupon:	6 5/8%
Price:	Par
Yield:	6 5/8%
Spread:	249 basis points
Call features:	Make-whole call at Treasuries plus 50 basis points until Oct. 15, 2009, then callable at 103.313, 102.209, 101.104, par on or after Oct. 15, 2012
Equity clawback:	Until Oct. 15, 2007 for 35% at 106.625
Pricing date:	Oct. 8
Settlement date:	Oct. 15
Ratings:	Moody's: Ba3
	Standard & Poor's: BB

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