Welltower Announces $900M Private Offering

by Jeff Shaw

TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based REIT and the largest owner of seniors housing in the United States, has announced a private offering of $900 million in exchangeable senior notes.

The initial offering was initially priced at $750 million, meaning interest was presumably high when the total was raised by a third after just one day.

The notes will accrue interest payable semi-annually in arrears on Jan. 15 and July 15 of each year at a rate of 3.125 percent per year.  The notes will mature on July 15, 2029.

Welltower says it may use the influx of cash to pay down debt and fund investments in healthcare, wellness and seniors housing assets.

Welltower estimates that the net proceeds from the offering will be approximately $882.3 million, or approximately $1 billion if the initial purchasers exercise their option to purchase additional notes.

You may also like