By Aleesia Forni
New York, Feb. 23 – Welltower Inc., formerly known as Health Care REIT Inc., priced $700 million of 4.25% 10-year senior notes (Baa2/BBB/BBB+) on Tuesday with a spread of Treasuries plus 260 basis points, an informed source said.
Pricing was at 99.227 to yield 4.345%.
The notes sold at the tight end of guidance set in the Treasuries plus 265 bps area, which tightened from talk in the Treasuries plus 275 bps area.
UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to repay advances under the company’s unsecured credit facility and for general corporate purposes.
The Toledo, Ohio-based real estate investment trust invests in senior housing and health care real estate.
| Issuer: | Welltower Inc.
|
| Amount: | $700 million, upsized from $400 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2026
|
| Bookrunners: | UBS Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 4.25%
|
| Price: | 99.227
|
| Yield: | 4.345%
|
| Spread: | Treasuries plus 260 bps
|
| Trade date: | Feb. 23
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 265 bps area, tightened from Treasuries plus 275 bps area
|
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