Welltower rises as convertible notes offering boosted by 20%

Brookdale Senior Living

09/05/2023 19:29

**  Welltower Inc's  WELL.N  shares up 2.4% at $78.20 after
senior housing operator prices upsized convertible debt offering
    ** WELL's shares easily top performers in S&P 500 Real
Estate index  .SPLRCR , which is off 0.4% on Tues
    ** The REIT early Tues announced $900 mln 2.75% exchangeable
senior notes due 2028
    ** Initial conversion price of $95.41 is 25% premium to
stock's last close
    ** Shares on Mon fell 3.1% after co launched $750 mln notes
offering
    ** Co plans to use net proceeds to potentially repay/redeem
debt, which may include its 4.5% notes due Jan 15, 2024 and
3.625% notes due Mar 15, 2024, and invest in properties
    ** Through Mon, co had ~$38 bln market cap, per Refinitiv
data
    ** Separately, Brookdale Senior Living Inc  BKD.N  late Mon
said it entered into revised agreements under each of its three
triple-net leases with WELL to eliminate a "unique" financial
covenant
    ** With move on the session, WELL's stock up 19% YTD while
the SPLRCR is flat

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))