Ventas units see tenders of $549.44 million of 4.75% notes due 2021

By Wendy Van Sickle

Columbus, Ohio, Aug. 13 – Ventas, Inc. said wholly owned subsidiaries Ventas Realty, LP and Ventas Capital Corp. took in tenders of $549,438,000, or 78.5%, of their $700 million of 4.75% senior notes due 2021 in a tender offer that ended at 5 p.m. ET on Aug. 10.

The total does not include $1,207,000 of notes that remain subject to guaranteed delivery procedures, according to a press release.

The tender offer price will be $1,045.57 for each $1,000 principal amount plus accrued interest up to but excluding the payment date of Aug. 15.

Ventas said it expects to accept all validly tendered notes.

The tender offer was announced on Aug. 6.

Tendered notes could be withdrawn at any time before the offer ended.

The issuers will fund the payment for tendered notes with the net proceeds from Ventas Realty’s previously announced issuance of $750 million of its 4.4% senior notes due 2029, together with cash on hand and/or borrowings under Ventas’ unsecured revolving credit facility.

Wells Fargo Securities (704 410-4759 or 866 309-6316) and Morgan Stanley (212 761-1057 or 800 624-1808) are the dealer managers. D.F. King & Co., Inc. (212 269-5550, 888 540-8736 or ventas@dfking.com) is the information agent.

Ventas is a real estate investment trust for housing and health care properties and is based in Chicago.

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