By a News Reporter-Staff News Editor at Investment Weekly News -- Ventas, Inc. (NYSE: VTR) ("Ventas" or the "Company") said that its subsidiary, Ventas Realty, Limited Partnership , has closed a new $3 billion unsecured credit facility (the "Credit Facility"). The Credit Facility is comprised of a $2 billion revolving credit facility initially priced at 100 basis points over LIBOR , and a $200 million four-year term loan and an $800 million five-year term loan, each initially priced at 105 basis points over LIBOR . "Ventas's successful completion of our new credit facility reduces our debt costs and enhances our liquidity, so that we can continue to grow and perform," Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. "Our strong balance sheet, consistent superior performance, growing cash flows and credit ratings improvements all contributed to the success of this facility. We are extremely appreciative of the support we received from our 23 new and incumbent lenders and pleased by the depth and breadth of their capital commitments, which exceeded $4 billion ," she added. The Company's new $2 billion revolving credit facility matures in January 2018 and can be extended for an additional year at the Company's option, subject to the satisfaction of certain conditions. At closing, the revolving credit facility had nearly $2 billion of available borrowing capacity. The new $200 million and $800 million term loans are fully funded and mature in January 2018 and January 2019 , respectively. The Credit Facility includes a $500 million "accordion feature" that permits the Company to expand its borrowing capacity to a total of $3.5 billion . Proceeds of the new Credit Facility were used to repay amounts outstanding under the Company's previous $2 billion unsecured revolving credit facility, which had been priced at 110 basis points over LIBOR and scheduled to mature in October 2015 , and $680 million in term loans most recently priced at 120 to 125 basis points over LIBOR and scheduled to mature in January 2015 , 2017 and 2018. Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan 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 . acted as the Syndication Agent. Merrill Lynch, Pierce, Fenner & Smith Incorporated , J.P. Morgan Securities LLC , Barclays Capital , Citigroup Global Markets Inc. , Credit Agricole Corporate and Investment Bank , RBC Capital Markets , The Toronto Dominion Bank and UBS Securities LLC served as joint lead arrangers, and Barclays Bank PLC , Citibank, N.A ., Credit Agricole Corporate and Investment Bank , Royal Bank of Canada , TD Bank, N.A . and UBS Securities LLC served as co-documentation agents for the Credit Facility. Keywords for this news article include: Ventas Inc , Banking and Finance, Finance and Investment, Investment and Finance. Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2013, NewsRx LLC
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