Published on 7/9/2015 in the Prospect News Investment Grade Daily.
New Issue: Ventas Realty prices upsized $500 million 4.125% 10.5-year notes at 192 bps spread
By Aleesia Forni
Virginia Beach, July 9 – Ventas Realty, LP sold an upsized $500 million offering of 4.125% senior notes (Baa1/BBB+/BBB+) due Jan. 15, 2026 on Thursday at Treasuries plus 192 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes sold at the tight end of the Treasuries plus 195 bps area guidance.
Pricing was at 99.218 to yield 4.218%.
The bookrunners are UBS Securities LLC, Citigroup Global Markets Inc. and Credit Agricole.
The notes are guaranteed by Ventas, Inc.
Proceeds will be used for working capital and other general corporate purposes, including to fund pending or future acquisitions and investments.
The real estate investment trust for housing and health care properties is based in Chicago.
| Issuer: | Ventas Realty LP
|
| Guarantor: | Ventas, Inc.
|
| Amount: | $500 million, upsized from $350 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2026
|
| Bookrunners: | UBS Securities LLC, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc.
|
| Senior co-managers: | Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC
|
| Co-managers: | BBVA Securities Inc., MUFG, PNC Capital Markets LLC, BB&T Capital Markets, Capital One Securities, Inc., Fifth Third Securities, Inc., SMBC Nikko Securities America, Inc., Stifel, Nicolaus & Co., Inc., Williams Capital Group, LP
|
| Coupon: | 4.125%
|
| Price: | 99.218
|
| Yield: | 4.218%
|
| Spread: | Treasuries plus 192 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to Oct. 15, 2025, then callable at par
|
| Trade date: | July 9
|
| Settlement date: | July 16
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 195 bps area, tightened from Treasuries plus 210 bps area
|
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