Published on 9/14/2016 in the Prospect News Investment Grade Daily.
New Issue: Ventas Realty prices $450 million 3.25% 10-year notes at 158 bps over Treasuries
By Cristal Cody
Eureka Springs, Ark., Sept. 14 – Ventas Realty, LP sold $450 million of 3.25% 10-year guaranteed senior notes at 99.811 to yield 3.272% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/BBB+) priced with a spread of 158 basis points over Treasuries.
The bookrunners were Citigroup Global Markets Inc., Barclays, Credit Agricole Securities (USA) Inc. and Credit Suisse Securities (USA) LLC.
The notes are guaranteed by Ventas, Inc.
Proceeds will be used for working capital and other general 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: | $450 million
|
| Description: | Senior notes
|
| Maturity: | Oct. 15, 2026
|
| Bookrunners: | Citigroup Global Markets Inc., Barclays, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC
|
| Senior co-managers: | Goldman Sachs & Co., BofA Merrill Lynch, MUFG, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC
|
| Co-managers: | BB&T Capital Markets, BBVA Securities Inc., SMBC Nikko Securities America, Inc.
|
| Junior co-managers: | Capital One Securities, Inc., Fifth Third Securities, Inc., BNP Paribas Securities Corp., Williams Capital Group, LP
|
| Coupon: | 3.25%
|
| Price: | 99.811
|
| Yield: | 3.272%
|
| Spread: | Treasuries plus 158 bps
|
| Call feature: | Before July 15, 2026 at par plus a make-whole premium of Treasuries plus 25 bps; on or after July 15, 2026 at par
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 21
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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