Welltower Inc. (WELL) announced on Monday that its subsidiary, Welltower OP LLC, has launched a private placement offering of $750 million in aggregate principal of exchangeable senior notes due 2029. Additionally, the organization plans to grant the initial purchasers an option to acquire up to an extra $112.5 million in aggregate principal of notes.
These notes will be exchangeable up to their principal amount for cash, with any remaining exchange value payable in cash, shares of common stock, or a combination thereof, at the discretion of Welltower OP.
The net proceeds from the offering will be used by Welltower OP for a variety of corporate objectives. These include the repayment of debt, investments in healthcare, wellness, and seniors housing properties, as well as short-term, interest-bearing securities, certificates of deposit, or U.S. government obligations.
The firm also mentioned that specific terms, including the interest rate and exchange rate, will be determined at the time of the Offering's pricing.
