Published on 12/9/2019 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Welltower prices $500 million 2.7% green senior notes due 2027 at 95 bps spread
By Cristal Cody
Tupelo, Miss., Dec. 9 – Welltower Inc. sold $500 million of 2.7% green senior notes due Feb. 15, 2027 (Baa1/BBB+/BBB+) on Monday at a spread of 95 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 120 bps spread area.
The notes priced at 99.893 to yield 2.716%.
Wells Fargo Securities LLC, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Barclays, BofA securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, MUFG and UBS Securities LLC were the bookrunners.
Proceeds will be used for eligible green projects.
In addition, Welltower priced a C$300 million private placement of senior notes through its subsidiary, HCN Canadian Holdings-1 LP. The notes will be guaranteed by Welltower.
Welltower is a senior housing and health care real estate investment trust based in Toledo, Ohio.
| Issuer: | Welltower Inc.
|
| Amount: | $500 million
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| Description: | Green senior notes
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| Maturity: | Feb. 15, 2027
|
| Bookrunners: | Wells Fargo Securities LLC, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Barclays, BofA securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, MUFG and UBS Securities LLC
|
| Senior co-managers: | BBVA Securities Inc., Fifth Third Securities, Inc., Jefferies LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., Stifel, Nicolaus & Co., Inc. and SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | Huntington Investment Co., BNY Mellon Capital Markets, LLC, Comerica Securities, Inc., Loop Capital Markets LLC, Raymond James & Associates, Inc. and BOK Financial Securities, Inc.
|
| Coupon: | 2.7%
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| Price: | 99.893
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| Yield: | 2.716%
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| Spread: | Treasuries plus 95 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps; par call two months before maturity
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| Trade date: | Dec. 9
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| Settlement date: | Dec. 16
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| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
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| Fitch: BBB+
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| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 120 bps area
|
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