Published on 11/6/2019 in the Prospect News Investment Grade Daily.
New Issue: Healthpeak Properties sells $750 million 3% notes due 2030 at 123 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Nov. 6 – Healthpeak Properties, Inc. sold $750 million of 3% senior notes due Jan. 15, 2030 (Baa1/BBB+/BBB+) on Wednesday at a spread of 123 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.64 to yield 3.041%.
Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc., RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc. and Scotia Capital (USA) Inc. were the bookrunners.
Proceeds will be used to redeem all $350 million of the company’s 4% senior notes due December 2022, to repay borrowings under its revolving credit facility and for general corporate purposes.
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.
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2030
|
| Bookrunners: | Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc., RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc. and Scotia Capital (USA) Inc.
|
| Senior co-managers: | BB&T Capital Markets, Jefferies LLC, Regions Securities LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
|
| Co-managers: | BNY Mellon Capital Markets, LLC, KeyBanc Capital Markets Inc. and Huntington Investment Co.
|
| Coupon: | 3%
|
| Price: | 99.64
|
| Yield: | 3.041%
|
| Spread: | Treasuries plus 123 bps
|
| Call features: | Make-whole call before Oct. 15, 2029 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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