Brief: Ventas Plans To Take Ownership Of Full Collateral Pool

Ventas

31/03/2023 13:37

March 31 (Reuters) - Ventas Inc  VTR.N :
    * VENTAS ANNOUNCES PLANS TO TAKE OWNERSHIP OF FULL
COLLATERAL POOL
SUPPORTING ITS $486 MILLION SANTERRE MEZZANINE LOAN
    * VENTAS INC - VENTAS EXPECTS TO TAKE OWNERSHIP OF SANTERRE
PORTFOLIO THROUGH A 'LOAN TO OWN' STRUCTURE
    * VENTAS INC - EXPECTS TO COMPLETE PROCESS OF TAKING
OWNERSHIP OF
SANTERRE PORTFOLIO IN Q2 OF 2023
    * VENTAS INC - HAS RECEIVED APPROXIMATELY 90% OF INTEREST
DUE IN
MARCH 2023 UNDER SANTERRE MEZZANINE LOAN
    * VENTAS INC - CO'S OWNERSHIP OF EQUITY IN SANTERRE
PORTFOLIO WILL
BE SUBJECT TO AN EXISTING APPROXIMATELY $1 BILLION NON-RECOURSE
SENIOR LOAN
    * VENTAS INC - SANTERRE SENIOR LOAN IS SECURED BY ASSETS IN
SANTERRE PORTFOLIO, BEARS INTEREST AT LIBOR +1.84% AND MATURES
IN JUNE 2023
    * VENTAS INC - VENTAS WILL HAVE RIGHT TO EXTEND MATURITY OF
SANTERRE SENIOR LOAN TO JUNE 2024 AND EXPECTS TO EXERCISE SUCH
RIGHT
    * VENTAS INC - EXPECTS TO FUND REPAYMENT OF SANTERRE SENIOR
LOAN
THROUGH A VARIETY OF CAPITAL SOURCES AND ASSET SALES ON A
LONG-TERM BASIS
    * VENTAS INC - REMAINS COMMITTED TO MAINTAINING ITS BBB+
RATING
AND PRESERVING A STRONG BALANCE SHEET

Source text for Eikon:  ID:nBw4VXJw0a 
Further company coverage:  VTR.N 

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