Ventas, Inc. (VTR): debt financing — Ventas issues $862.5M 3.75% exchangeable notes due 2026, net proceeds ~$844M

Ventas, Inc.

$862.5M aggregate principal of 3.75% exchangeable notes due June 1, 2026.
Initial exchange rate: 18.2460 shares per $1,000 principal ($54.81/share), 22.5% premium to $44.74 close.
Net proceeds ~$844M from offering; proceeds to repay commercial paper and for general corporate purposes.
Notes are senior unsecured obligations of Ventas Realty LP, fully guaranteed by Ventas, Inc. (VTR).
Holders can require repurchase at 100% principal plus accrued interest upon a fundamental change.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Ventas, Inc. incurred convertible notes of $862.5 million aggregate principal amount with J.P. Morgan Securities LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several initial purchasers at 3.75% per year maturing June 1, 2026.

Instrument: convertible notes
Principal: $862.5 million aggregate principal amount
Counterparty: J.P. Morgan Securities LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC, as representatives of the several initial purchasers
Rate: 3.75% per year
Maturity: June 1, 2026
Event: incurrence

Exact text from the filing

On June 13, 2023, Ventas Realty, Limited Partnership (the “Issuer”), a wholly owned subsidiary of Ventas, Inc. (the “Guarantor”), issued $862.5 million aggregate principal amount of 3.75% Exchangeable Senior Notes due 2026

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Ventas, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-070860

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