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Ventas, Inc. (NYSE: VTR) closed an extended and improved $2.75 billion unsecured credit facility, strengthening liquidity, extending debt maturities, and lowering borrowing costs. The facility's oversubscription highlights the company's strong position in senior housing amid a multiyear growth opportunity.
Ventas, Inc. (NYSE: VTR) ha chiuso un'impianto di credito non garantito esteso e migliorato del valore di 2,75 miliardi di dollari, rafforzando la liquidità, prolungando la scadenza dei debiti e riducendo i costi di prestito. La sovrasottoscrizione dell'impianto evidenzia la forte posizione della società nel settore delle abitazioni per anziani, in un contesto di opportunità di crescita pluriennale.
Ventas, Inc. (NYSE: VTR) cerró una facilidad de crédito sin garantía ampliada y mejorada de $2.75 mil millones, fortaleciendo la liquidez, extendiendo los vencimientos de la deuda y reduciendo los costos de los préstamos. La sobresuscripción de la facilidad destaca la posición sólida de la empresa en la vivienda para personas mayores frente a una oportunidad de crecimiento de varios años.
Ventas, Inc. (NYSE: VTR)는 27억 5천만 달러 규모의 신용설비를 확장하고 개선하여 종료하였으며, 이를 통해 유동성을 강화하고 부채 만기를 연장하며 차입 비용을 낮췄습니다. 신용설비의 초과 신청은 수년에 걸친 성장 기회 중 노인 주택 시장에서 회사의 강력한 위치를 강조합니다.
Ventas, Inc. (NYSE: VTR) a clôturé une facilité de crédit non garantie, élargie et améliorée de 2,75 milliards de dollars, renforçant la liquidité, prolongeant les échéances de la dette et réduisant les coûts d'emprunt. La sursouscription de cette facilité souligne la position solide de l'entreprise dans le secteur du logement pour séniors, dans le cadre d'une opportunité de croissance pluriannuelle.
Ventas, Inc. (NYSE: VTR) hat eine erweiterte und verbesserte ungesicherte Kreditfazilität im Wert von 2,75 Milliarden Dollar abgeschlossen, welche die Liquidität stärkt, die Fälligkeiten der Schulden verlängert und die Kreditkosten senkt. Die Überzeichnung der Fazilität unterstreicht die starke Position des Unternehmens im Bereich des Seniorenwohnens angesichts einer mehrjährigen Wachstumschance.
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Insights
Ventas's move to secure an extended and improved $2.75 billion unsecured credit facility provides a notable increase in the company's liquidity. The extension to April 2028 allows for greater financial flexibility, which is advantageous in managing long-term capital. A five basis point improvement in pricing, while seemingly minimal, reflects positively on the company's credit standing and, over time, can result in considerable savings. Investors might interpret this as a sign of financial prudence and strategic capital management.
The credit facility's oversubscription is indicative of strong market confidence in Ventas's portfolio and future prospects, particularly in senior housing, where there is a demographic-driven demand. The introduction of a $1 billion 'accordion feature' is also significant, offering the potential to expand borrowing capacity to $3.75 billion, granting Ventas additional flexibility for future investments or to weather economic downturns. The pricing of the credit facility at 77.5 basis points over SOFR, which is a benchmark interest rate, suggests competitive borrowing costs aligned with Ventas's credit ratings.
CHICAGO--(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.
