Welltower Closes $750 Million Senior Unsecured Notes Offering

Rhea-AI Summary

Welltower Inc. (NYSE: WELL) has successfully completed an offering of $750 million in 2.800% senior unsecured notes due June 2031. The proceeds will be utilized to redeem $340 million of 3.750% senior notes and $335 million of 3.950% senior notes due in 2023. Post-redemption, Welltower will have no unsecured senior note maturities until 2024. The offering was part of an effective shelf registration statement and was facilitated by J.P. Morgan, Barclays, and MUFG.

Positive

• Successfully closed $750 million offering of senior unsecured notes.
• Use of proceeds for refinancing existing debt reducing future maturities risk.

Negative

• None.

TOLEDO, Ohio, March 25, 2021 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) today announced that it has successfully closed its offering (the "Offering") of $750 million in 2.800% senior unsecured notes due June 2031.

Welltower (or the "Company") intends to use the net proceeds from the Offering to fund the April 15, 2021 redemption of all $340 million aggregate amount outstanding of the 3.750% senior notes due March 2023  (the "3.750% 2023 Notes") and all $335 million aggregate amount outstanding of the 3.950% senior notes due September 2023 (together with the 3.750% 2023 Notes, the "2023 Notes") pursuant to the notices of full redemption sent to holders of the 2023 Notes on March 16, 2021. The Company intends to use remaining proceeds of the Offering for general corporate purposes, including paying down a portion of its two-year unsecured term loan due 2022 and investing in health care and seniors housing properties. Following the expected completion of the redemption of the 2023 Notes, the Company will have no unsecured senior note maturities until 2024.

J.P. Morgan, Barclays and MUFG served as representatives for the Offering.

The Offering was made pursuant to an effective shelf registration statement of Welltower Inc. filed with the Securities and Exchange Commission (the "SEC"). A prospectus supplement and accompanying prospectus describing the terms of this Offering were filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained at no cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, J.P. Morgan, Barclays and MUFG can arrange to send you the prospectus if you request it by calling J.P. Morgan toll-free at 212-834-4533, Barclays toll-free at 1-888-603-5847 or MUFG toll-free at 1-877-649-6848.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Welltower

Welltower Inc. (NYSE: WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower™, a real estate investment trust (REIT), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties.

Forward-Looking Statements

This press release may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When the company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the company's actual results to differ materially from the company's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to, those factors discussed in the prospectus supplement and accompanying prospectus relating to the Offering and filed with the SEC and in the company's reports filed from time to time with the SEC. The company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

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SOURCE Welltower Inc.

FAQ

What is the senior unsecured notes offering amount by Welltower?

Welltower closed a $750 million offering of senior unsecured notes.

What is the maturity date of the new notes issued by Welltower?

The new senior unsecured notes are due June 2031.

How will Welltower use the proceeds from the notes offering?

Proceeds will redeem existing senior notes and for general corporate purposes.

What is the deadline for the redemption of the existing notes?

Welltower plans to redeem the existing notes on April 15, 2021.

What was the interest rate for the notes that Welltower is redeeming?

Welltower is redeeming 3.750% and 3.950% senior notes.