Ventas Realty prices $750M 3.75% exchangeable notes due 2026, upsized from $500M

Ventas, Inc.

Principal $750M at 3.75% interest, mature June 1, 2026; exchangeable at $54.81/share (22.5% premium to $44.74 close).
Upsized from initial $500M; initial purchasers granted 13-day option for additional $112.5M.
Net proceeds ~$734M to repay commercial paper and for general corporate purposes, including debt repayment.
Sale expected to close June 13, 2023; notes are senior unsecured, fully guaranteed by Ventas.

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