Ventas Inc. released the results of an offer by its Ventas Realty LP and Ventas Capital Corp. units to repurchase for cash any and all of their outstanding 4.750% senior notes due 2021.
The offer expired at 5 p.m. ET on Aug. 10. As of the expiration time, a total of about $549.4 million of the notes, or 78.5% of the aggregate principal amount of the notes outstanding, had been validly tendered and not withdrawn.
The healthcare real estate investment trust's units will pay $1,045.57 for each $1,000 principal amount of the notes, in addition to applicable interest, and will fund the payment for tendered and accepted notes with the net proceeds from Ventas Realty's $750.0 million offering of 4.400% senior notes due 2029, together with cash on hand and/or borrowings under the company's unsecured revolving credit facility.
Wells Fargo Securities LLC and Morgan Stanley & Co. LLC were the dealer managers for the offer, while D.F. King & Co. Inc. was the information and tender agent.