Senior Housing Properties Trust Prices $250 Million of 6.25% Senior Unsecured Notes Due 2046
11 February 2016 - 12:07PM
Business Wire
Senior Housing Properties Trust (NYSE: SNH) today announced that
it has priced an underwritten public offering of $250 million of
6.25% senior unsecured notes due February 1, 2046 (“Notes”).
SNH expects to use the net proceeds from this offering to repay
amounts outstanding under its revolving credit facility and for
general business purposes. The settlement of this offering is
expected to occur on February 18, 2016, subject to customary
closing conditions. SNH granted the underwriters an option to
purchase up to $37.5 million of additional Notes within 30 days.
SNH intends to apply to list the Notes on the New York Stock
Exchange under the ticker “SNHO” and, if approved, expects trading
to begin within 30 days after the original issue date of the
Notes.
The joint book-running managers for the offering were Merrill
Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co.
LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Citigroup
Global Markets Inc., and RBC Capital Markets LLC. The lead manager
for the offering was Jefferies LLC. The co-managers for the
offering were BB&T Capital Markets, a division of BB&T
Securities LLC, FBR Capital Markets & Co., Janney Montgomery
Scott LLC and Oppenheimer & Co. Inc.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that state or
jurisdiction. Copies of the prospectus supplement relating to these
offerings and the related prospectus may be obtained by contacting
the offices of: Merrill Lynch, Pierce, Fenner & Smith Inc.,
Attn: Prospectus Department, 222 Broadway, 11th Floor, New York, NY
10038, email: dg.prospectus_requests@baml.com or toll-free at (800)
294-1322; Morgan Stanley & Co. LLC, Attn: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014,
telephone: (866) 718-1649; UBS Securities LLC, Attn: Prospectus
Department, 1285 Avenue of the Americas, New York, NY 10019,
telephone: (888) 827-7275; Wells Fargo Securities, LLC, Attention:
WFS Customer Service, 608 2nd Avenue, South Minneapolis, MN 55042,
email: wfscustomerservice@wellsfargo.com, telephone: (800)
645-3751; Citigroup Global Markets Inc. c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone:
(800) 831-9146; or RBC Capital Markets LLC, Three World Financial
Center, 200 Vesey Street, New York, NY 10281, Attn: Debt Capital
Markets or by calling (866) 375-6829 or by emailing
usdebtcapitalmarkets@rbccm.com.
Senior Housing Properties Trust is a real estate investment
trust, or REIT, which owns senior living communities, medical
office buildings and wellness centers throughout the United States.
SNH is managed by the operating subsidiary of The RMR Group Inc.
(NASDAQ: RMR), an alternative asset management company that is
headquartered in Newton, MA.
WARNING REGARDING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN
THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON SNH'S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE
STATEMENTS ARE NOT GUARANTEED. FOR EXAMPLE:
- THIS PRESS RELEASE STATES THAT THE
SETTLEMENT OF THE NOTES OFFERING IS EXPECTED TO OCCUR ON FEBRUARY
18, 2016. THE SETTLEMENT OF THIS OFFERING IS SUBJECT TO VARIOUS
CONDITIONS AND CONTINGENCIES AS ARE CUSTOMARY IN UNDERWRITING
AGREEMENTS IN THE UNITED STATES. IF THESE CONDITIONS ARE NOT
SATISFIED OR THE SPECIFIED CONTINGENCIES DO NOT OCCUR, THIS
OFFERING MAY NOT CLOSE.
- THIS PRESS RELEASE STATES THAT SNH HAS
GRANTED THE UNDERWRITERS AN OPTION TO PURCHASE UP TO $37.5 MILLION
OF ADDITIONAL NOTES. AN IMPLICATION OF THIS STATEMENT MAY BE THAT
THIS OPTION MAY BE EXERCISED IN WHOLE OR IN PART. IN FACT, SNH DOES
NOT KNOW WHETHER OR NOT THE UNDERWRITERS WILL EXERCISE THIS OPTION
OR ANY PART OF IT.
FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO
PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange.
No shareholder, Trustee or officer is
personally liable for any act or obligation of the Trust.
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version on businesswire.com: http://www.businesswire.com/news/home/20160210006711/en/
Senior Housing Properties TrustOlivia Snyder,
617-796-8234Investor Relations Analyst
Senior Housing Properties (NASDAQ:SNH)
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