Published on 1/9/2023 in the Prospect News Investment Grade Daily.
New Issue: Healthpeak sells $400 million 5.25% notes due 2032 at 175 bps spread
By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – Healthpeak Properties, Inc. priced $400 million of 5.25% senior notes due Dec. 15, 2032 (Baa1/BBB+/BBB+) at a spread of 175 basis points over Treasuries on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.883 to yield 5.266%.
Wells Fargo Securities, LLC, BofA Securities, Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., Mizuho Securities USA LLC and TD Securities (USA) LLC are the bookrunners.
Proceeds will be used to repay a portion of the company’s outstanding commercial paper and for general corporate purposes, which may include repaying or repurchasing other debt, working capital, acquisitions, development activities and capital expenditures.
Based in Irvine, Calif., Healthpeak is a real estate investment trust that owns and develops health care real estate within the United States.
| Issuer: | Healthpeak Properties, Inc.
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| Amount: | $400 million
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| Issue: | Senior notes
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| Maturity: | Dec. 15, 2032
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| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., Mizuho Securities USA LLC and TD Securities (USA) LLC
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| Co-managers: | Barclays, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, M&T Securities, Inc., RBC Capital Markets, LLC, Regions Securities LLC, Huntington Securities, Inc. and SMBC Nikko Securities America, Inc.
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | Latham & Watkins LLP and Ballard Spahr LLP
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| Counsel to underwriters: | Sidley Austin LLP
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| Coupon: | 5.25%
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| Price: | 99.883
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| Yield: | 5.266%
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| Spread: | Treasuries plus 175 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps until Sept. 15, 2032; thereafter at par
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| Trade date: | Jan. 9
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| Settlement date: | Jan. 17
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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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| Cusip: | 42250PAE3
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