By Cristal Cody
Tupelo, Miss., June 16 – Welltower Inc. sold $600 million of 2.75% senior notes due Jan. 15, 2031 (Baa1/BBB+/BBB+) on Tuesday at 99.491 to yield 2.806%, or a spread of 205 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial talk was in the Treasuries plus 245 bps area.
Wells Fargo Securities LLC, J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Credit Agricole Securities (USA) Inc., Jefferies LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG and Loop Capital Markets LLC were the bookrunners.
Proceeds will be used to purchase for cash up to $400 million of the company’s $500 million 3.75% notes due 2023 and its $600 million of 3.95% notes due 2023, to repay advances under its unsecured term loan credit facility and for general corporate purposes.
Welltower is a senior housing and health care real estate investment trust based in Toledo, Ohio.
| Issuer: | Welltower Inc.
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| Amount: | $600 million
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| Description: | Senior notes
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| Maturity: | Jan. 15, 2031
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| Bookrunners: | Wells Fargo Securities LLC, J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Credit Agricole Securities (USA) Inc., Jefferies LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG and Loop Capital Markets LLC
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| Coupon: | 2.75%
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| Price: | 99.491
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| Yield: | 2.806%
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| Spread: | Treasuries plus 205 bps
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| Call features: | Make-whole call at Treasuries plus 35 bps; par call three months before maturity
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| Trade date: | June 16
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| Settlement date: | June 30
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 245 bps area
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