Ventas Places $350 Million of Senior Notes in Private Offering
LOUISVILLE, KY (May 27, 2005) - Ventas, Inc. (NYSE:VTR) (the "Company" or "Ventas")
announced today that it has priced a private offering of $175 million of 6 3/4%
Senior Notes due 2010 and $175 million of 7 1/8% Senior Notes due 2015. The sale
of the Notes is expected to close on June 7, 2005.
The Notes are being issued by Ventas's operating partnership, Ventas Realty,
Limited Partnership, and a wholly owned subsidiary, Ventas Capital Corporation
(the "Issuers"). The Notes will mature on June 1, 2010 and June 1, 2015,
respectively, and will be senior unsecured obligations, ranking pari passu with
all existing and future senior unsecured indebtedness of the Issuers and the
Company. The Company will unconditionally guarantee the Notes. Interest on the
Notes will be payable semiannually on June 1 and December 1 of each year,
commencing on December 1, 2005.
The Company said it currently intends to use the net proceeds of the offering to
fund a portion of the previously announced acquisition of Provident Senior
Living Trust, which is also expected to close on or about June 7, 2005, subject
to approval by the holders of a majority of the outstanding Provident common
shares.
The Notes have not been and will not be registered under the Securities Act of
1933, as amended (the "Securities Act"), or any state securities laws and may
not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act and
applicable state laws.
Ventas, Inc. is a leading healthcare real estate investment trust that owns and
invests in healthcare and senior housing assets in 40 states. Its properties
include hospitals, skilled nursing facilities and assisted and independent
living facilities. More information about Ventas can be found on its website at
http://www.ventasreit.com .
This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements regarding Ventas,
Inc.'s ("Ventas" or the "Company") and its subsidiaries' expected future
financial position, results of operations, cash flows, funds from operations,
dividends and dividend plans, financing plans, business strategy, budgets,
projected costs, capital expenditures, competitive positions, growth
opportunities, expected lease income, continued qualification as a real estate
investment trust ("REIT"), plans and objectives of management for future
operations and statements that include words such as "anticipate," "if,"
"believe," "plan," "estimate," "expect," "intend," "may," "could," "should,"
"will" and other similar expressions are forward-looking statements. Such
forward-looking statements are inherently uncertain, and security holders must
recognize that actual results may differ from the Company's expectations. The
Company does not undertake a duty to update such forward-looking statements.
CONTACT:
Lisabeth Weiner
email: lisweiner@lisweiner.com
phone: 312-252-7360