Healthcare real estate investment trust Ventas Inc. said a cash tender offer by Ventas Realty LP and Ventas Capital Corp. to purchase any and all of their outstanding 4.25% senior notes due 2022 expired at 5 p.m. ET on Aug. 16.
The REIT said approximately $395.7 million, or about 65.96%, of the outstanding 4.25% senior notes were validly tendered. This excludes $672,000 of notes that remain subject to guaranteed delivery procedures.
The units expect to accept for payment all validly tendered and not validly withdrawn notes prior to Aug. 16 and will pay $1,054.58 for every $1,000 principal amount of the notes. The payment is scheduled for Aug. 21.
The units will fund the payment with the net proceeds of a $650.0 million offering of 3.000% senior notes due 2030, together with cash on hand and/or borrowings under the company's unsecured revolving credit facility.
D.F. King & Co. Inc. was the tender and information agent for the tender offer, while J.P. Morgan Securities LLC acted as dealer manager.
