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Ventas offers to purchase two series of notes for up to C$500 million
By Wendy Van Sickle
Columbus, Ohio, April 3 – Ventas, Inc. announced that indirect wholly owned subsidiary Ventas Canada Finance Ltd. has begun cash tender offers to purchase two series of notes due in 2024 for up to a C$500 million purchase price, exclusive of accrued interest, according to a news release Monday.
The notes, in order of acceptance priority, include
• The C$600 million outstanding 2.8% senior notes, series E, due April 12, 2024 (Cusip: 92277LAF3), with pricing to be based on the 2.25% Government of Canada bond due March 1, 2024 plus a fixed spread of 90 basis points; and
• The C$250 million outstanding 4.125% senior notes, series B, due Sept. 30, 2024 (Cusip: 92277LAB2), with pricing to be based on the 2.5% Government of Canada bond due June 1, 2024 plus a fixed spread of 100 bps.
Pricing will be determined at 10 a.m. ET on April 20.
The total considerations will include an early tender payment of C$30 per C$1,000 principal amount that will be paid only to holders who tender their notes by the early deadline of 5 p.m. ET on April 19.
Holders will also receive accrued interest.
The offers will expire at 5 p.m. ET on May 1.
Early settlement is slated for April 24.
Final settlement is expected to occur the second business day after the offer expires.
The offers may be subject to proration if the notes tendered would exceed the maximum purchase price. The offers are subject to some conditions, including the issuer’s completion of a concurrent private placement offering of new five-year notes.
TD Securities Inc. (LM@tdsecurities.com, 866 584-2096 or 416 308-4135), RBC Dominion Securities Inc. (liability.management@rbccm.com, 877 381-2099, or 416 842-6311) and Scotia Capital Inc. (LM@scotiabank.com, 800 372-3930 or 212 225-5559) are the dealer managers.
TMX Investor Solutions Inc. (800 967-7635 or 201 806-7301) is the information agent, and TSX Trust Co. is the tender agent.
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