Issuer Free Writing Prospectus

Filed pursuant to Rule 433

Supplementing the Preliminary Prospectus Supplement dated May 8, 2024 and the

Prospectus dated February 20, 2024

Registration Nos. 333-277185 and 333-277185-01

 

PRICING TERM SHEET

 

 

VENTAS REALTY, LIMITED PARTNERSHIP

 

Fully and unconditionally guaranteed by Ventas, Inc.

 

Terms applicable to

 

$500,000,000 5.625% Senior Notes due 2034

 

Dated: May 8, 2024

 

Issuer:   Ventas Realty, Limited Partnership (the “Issuer”)
     
Guarantor:   Ventas, Inc.
     
Aggregate Principal Amount:   $500,000,000
     
Maturity Date:   July 1, 2034
     
Public Offering Price:   98.750% of the aggregate principal amount, plus accrued interest from May 13, 2024, if any
     
Coupon (Interest Rate):   5.625%
     
Yield to Maturity:   5.788%
     
Benchmark Treasury:   UST 4.00% due February 15, 2034
     
Benchmark Treasury Price / Yield:   96-05+ / 4.488%
     
Spread to Benchmark Treasury:   +130 basis points
     
Interest Payment Dates:   January 1 and July 1, commencing January 1, 2025

 

 

 

 

Optional Redemption:  

Prior to April 1, 2034 (3 months prior to the maturity date of the notes (the “Par Call Date”)), the Issuer may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

 

(1)(a) the sum of the present values of the remaining scheduled payments of principal and interest on the notes discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined under “Description of Notes – Optional Redemption”) plus 20 basis points less (b) interest accrued to, but excluding, the date of redemption, and

 

(2) 100% of the principal amount of the notes to be redeemed,

 

plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.

 

On or after the Par Call Date, the Issuer may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.

 

See “Description of Notes – Optional Redemption” in the preliminary prospectus supplement, dated May 8, 2024 for more information.

     
Joint Book-Running Managers:   BofA Securities, Inc.
    J.P. Morgan Securities LLC
    Wells Fargo Securities, LLC
    BBVA Securities Inc.
    BNP Paribas Securities Corp.
    BNY Mellon Capital Markets, LLC
    Citigroup Global Markets Inc.
    Credit Agricole Securities (USA) Inc.
    Mizuho Securities USA LLC
    Morgan Stanley & Co. LLC
    MUFG Securities Americas Inc.
    PNC Capital Markets LLC
    RBC Capital Markets, LLC
    Scotia Capital (USA) Inc.
    SMBC Nikko Securities America, Inc.
    TD Securities (USA) LLC
    Truist Securities, Inc.
    UBS Securities LLC
     
Co-Managers:   Fifth Third Securities, Inc.
    M&T Securities, Inc.
    Loop Capital Markets LLC
     
CUSIP / ISIN:   92277G AX5 / US92277GAX51
     
Denominations:   $2,000 and integral multiples of $1,000 in excess thereof
     
Trade Date:   May 8, 2024
     
Settlement Date:   May 13, 2024 (T+3)
     
Form of Offering:   SEC Registered (Registration Nos. 333-277185 and 333-277185-01)

 

 

 

 

Ventas Inc. expects that delivery of the notes will be made to investors on or about May 13, 2024, which will be the 3rd business day following the date of the prospectus supplement (such settlement being referred to as “T+3”). Under Rule 15c6-1 of the Exchange Act, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on any day prior to the second business day before delivery of the notes will be required to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the notes who wish to make such trades should consult their own advisors.

 

Ventas, Inc. and the Issuer have filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that Ventas, Inc. and the Issuer have filed with the SEC, including the prospectus supplement and the accompanying prospectus, for more complete information about Ventas, Inc., the Issuer and this offering. You may get these documents for free by visiting the SEC’s website at www.sec.gov. Alternatively, Ventas, Inc., the Issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus supplement and the accompanying prospectus if you request it by contacting: BofA Securities, Inc. by calling toll free at 1-800-294-1322., J.P. Morgan Securities LLC collect at 1-212-834-4533, or Wells Fargo Securities, LLC toll free at 1-800-645-3751.

 

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER E-MAIL SYSTEM.

 

 

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