We advised Ventas on the transaction

Davis Polk advised Ventas Realty, Limited Partnership on its Rule 144A offering of $862.5 million aggregate principal amount of 3.75% exchangeable senior notes due 2026, fully and unconditionally guaranteed by Ventas, Inc., which included $112.5 million aggregate principal amount of notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. Ventas Realty expects to use the net proceeds from the sale of the notes for the repayment of its commercial paper notes and for general corporate purposes, including the redemption or repayment of other indebtedness.

Ventas, a real estate investment trust, operates at the intersection of two large and dynamic industries – healthcare and real estate. Fueled by powerful demographic demand from growth in the aging population, Ventas owns a diversified portfolio of over 1,200 properties in the United States, Canada and the United Kingdom. Ventas uses the power of its capital to unlock the value of senior living communities; life science, research and innovation properties; medical office and outpatient facilities, hospitals and other healthcare real estate.

The Davis Polk corporate team included partner Richard D. Truesdell Jr. and associate Moses Farzan Nekou. The equity derivatives team included partner Mark J. DiFiore and associates Stockton Bullitt and Amy Cheng. Counsel Leon E. Salkin provided 1940 Act advice. The tax team included partners Michael Farber and Patrick E. Sigmon and associates Eitan Ulmer and Dan Jose. Members of the Davis Polk team are based in the New York and Washington DC offices.

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