Last week, Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) announced that it extended and amended its unsecured revolving credit facilities (the “Line of Credit”) until April 26, 2012. The company disclosed in its 8-K SEC filing that the Line of Credit has two portions totaling $867 million of borrowing capacity, an increase over the prior capacity of $850 million. The first portion of the Line of Credit, maturing April 26, 2012 (the “2012 Maturity”), contains $590 million of borrowing capacity and is currently priced at LIBOR plus 280 basis points. The second portion of the Line of Credit, which matures on April 26, 2010 (the “2010 Maturity”), has $277 million of borrowing capacity and remains priced at LIBOR plus 75 basis points. Existing lenders whose commitments mature in 2010 have the ability to extend the maturity date of those commitments to 2012. Banc of America Securities LLC and Calyon New York Branch were the joint lead arrangers for the Line of Credit. Bank of America, N.A., Bank of Montreal, Calyon New York Branch, Citicorp North America, Inc., KeyBank, National Association and UBS Securities LLC participated in the Line of Credit in various agent capacities. For the full list of participating lenders, see schedule 1.1. on the 8-K. Ventas also reporated that the company had $153 million in net borrowings outstanding under its Line of Credit, consisting of $212 million in borrowings offset by $59 million in cash balances and liquid investments as of March 31, 2009.
“Extending our Line of Credit until 2012 and increasing our current borrowing capacity continue our strategy of proactively managing our balance sheet to build additional strength and liquidity,” Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. “We appreciate the strong support our bank group has given Ventas under very challenging market conditions. Ventas is well positioned to access multiple debt markets in 2009, and we intend to execute additional attractive debt transactions throughout the year,” Cafaro added.