By Cristal Cody
Eureka Springs, Ark., May 25 – Ventas Realty, LP sold an upsized $400 million of 3.125% seven-year senior notes on Wednesday with a spread of 155 basis points over Treasuries, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
The price was 99.343.
The notes (Baa1/BBB+/BBB+) priced on the tight side of guidance of Treasuries over 160 bps, plus or minus 5 bps.
The deal was upsized from $350 million.
The bookrunners were Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Jefferies LLC.
The notes are guaranteed by Ventas, Inc.
The proceeds from the offering, together with cash on hand and/or borrowings under the company’s revolving credit facility, will be used to purchase Ventas Realty’s 1.55% senior notes due 2016 in a tender offer and for other corporate purposes.
The real estate investment trust for housing and health care properties is based in Chicago.
Issuer: | Ventas Realty, LP
|
Guarantor: | Ventas, Inc.
|
Amount: | $400 million
|
Maturity: | June 15, 2023
|
Securities: | Senior notes
|
Bookrunners: | Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Jefferies LLC
|
Coupon: | 3.125%
|
Price: | 99.343
|
Spread: | Treasuries plus 155 bps
|
Pricing date: | May 25
|
Settlement date: | June 2
|
Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
Distribution: | SEC registered
|
Price guidance: | Treasuries plus 160 bps, plus or minus 5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.