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Ventas Closes $2.75B Credit Facility
Chicago-based healthcare REIT Ventas, Inc. closed a new four-year $2.75-billion unsecured credit facility. The facility was substantially oversubscribed, with strong support from 24 new and incumbent financial institutions.
“Ventas’s successful completion of this transaction reinforces our ample liquidity, extends our debt maturities and improves our borrowing costs,” said Robert F. Probst, Ventas EVP and CFO. “We appreciate the enthusiastic support from our valued banking partners and their confidence in our firm, our future and the quality of our platform.”
At closing, the new facility was substantially undrawn, providing Ventas with nearly $2.7 billion of available borrowing capacity. The credit facility also includes a $1-billion “accordion feature” that permits the company to expand its borrowing capacity up to $3.75 billion.
BofA Securities and JPMorgan Chase Bank were the joint bookrunners. Bank of America is serving as the administrative agent, and JPMorgan Chase Bank acted as syndication agent.
Pictured: Ventas headquarters in Chicago.
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