WASHINGTON (dpa-AFX) - Welltower Inc. (WELL) announced on Monday that its operating company Welltower OP LLC has initiated an offering of $750 million aggregate principal amount of exchangeable senior notes due 2029, in a private placement.
The firm also plans to give the initial purchasers of the notes an option to buy up to an additional $112.5 million aggregate principal amount of notes.
The notes will be exchangeable into cash up to the principal amount of the notes exchanged, with the remaining exchange value payable in cash, shares of common stock, or a combination of both at the discretion of Welltower OP.
The net proceeds from the Offering will be utilized by Welltower OP for various corporate purposes, such as debt repayment, investments in health care, wellness, and seniors housing properties, as well as short-term, interest-bearing securities, certificates of deposit, or U.S. government obligations.
The firm stated that the specific terms including interest rate and exchange rate will be set at the time of the Offering's pricing.
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