Ventas Closes Extended and Improved $2.75 Billion Unsecured Credit Facility
April 24 2024 - 4:14PM
Business Wire
Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today
announced that it closed an extended and improved $2.75 billion
unsecured revolving credit facility (the “Credit Facility”). The
maturity date of the Credit Facility was extended to April 2028 and
pricing was improved by five basis points compared to Ventas’s
previous unsecured revolving credit facility.
“The successful closing of our credit facility further
strengthens our liquidity, extends our debt maturities and lowers
our borrowing costs,” said Robert F. Probst, Ventas Executive Vice
President and Chief Financial Officer. “The facility’s significant
oversubscription underscores our portfolio’s advantaged position
with durable demographic demand and our strong business outlook
amid an unprecedented multiyear growth opportunity in senior
housing. We appreciate the support of our valued banking partners
and their confidence in our business.”
At closing, the new Credit Facility was substantially undrawn,
providing the Company with nearly $2.75 billion of available
borrowing capacity.
The Credit Facility is initially priced at 77.5 basis points
over SOFR, based on the Company’s debt ratings. The maturity date
of the Credit Facility can be extended for an additional year to
April 2029 at the Company’s option, subject to the satisfaction of
certain conditions. The Credit Facility also includes a $1 billion
“accordion feature” that permits the Company to expand its
borrowing capacity to a total of $3.75 billion.
BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Wells Fargo
Securities, LLC were the joint bookrunners for the Credit Facility.
Bank of America, N.A. is serving as the Administrative Agent, and
JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. acted as the
Syndication Agents.
About Ventas
Ventas, Inc. (NYSE: VTR) (the “Company”) is a leading S&P
500 real estate investment trust focused on delivering strong,
sustainable shareholder returns by enabling exceptional
environments that benefit a large and growing aging population. The
Company’s growth is fueled by its senior housing communities, which
provide valuable services to residents and enable them to thrive in
supported environments. Ventas leverages its unmatched operational
expertise, data-driven insights from its Ventas Operational
InsightsTM platform, extensive relationships and strong financial
position to achieve its goal of delivering outsized performance
across approximately 1,400 properties. The Ventas portfolio is
composed of senior housing communities, outpatient medical
buildings, research centers and healthcare facilities in North
America and the United Kingdom. The Company benefits from a
seasoned team of talented professionals who share a commitment to
excellence, integrity and a common purpose of helping people live
longer, healthier, happier lives.
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