Ventas, Inc. (VTR: Quote) said Tuesday that it has priced a public offering of $275 million aggregate principal amount of 3.25% Senior Notes due 2022 at 99.027% of principal amount.
The notes are being issued by the company's operating partnership, Ventas Realty, Limited Partnership, and a wholly owned subsidiary, Ventas Capital Corp., and will be guaranteed, on a senior unsecured basis, by the company.
The sale of the notes is expected to close on August 3.
Ventas expects to use the net proceeds from the offering to prepay in full its $200 million unsecured term loan due 2013, which bears interest at an all-in fixed rate of 4% per annum, to repay indebtedness outstanding under its unsecured revolving credit facility and for working capital and other general corporate purposes, including to fund future acquisitions and investments, if any.
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by RTT Staff Writer
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