Ventas Closes $500M Credit Facility

Ventas Realty LP has closed a new $500 million unsecured revolving credit facility, according to Ventas' parent company, Ventas Inc., Louisville, Ky.The facility is initially priced at 75 basis points over the London interbank offered rate, compared with the pricing of LIBOR plus 145 bps on its previous $300 million secured credit facility. The new facility matures in 2009 and includes a one-year extension option, as well as a $100 million accordion feature that permits Ventas to expand its borrowing capacity to $600 million. The joint lead arrangers for the facility were Banc of America Securities LLC and Calyon Corporate and Investment Bank. Ventas Inc., a health care real estate investment trust, can be found online at http://www.ventasreit.com.