Moody’s rates Welltower convertible Baa1

Moody's Investors Service said it assigned a Baa1 rating to Welltower OP LLC’s private offering of $750 million of backed senior unsecured convertible notes due 2028, which are not callable until after May 2026. The issuer is the operating subsidiary of Welltower Inc.

The agency affirmed the Baa1 ratings on Welltower’s senior unsecured notes on April 1, 2022.

Welltower intends to use proceeds for general corporate purposes: including to repay or redeem a portion of 2024 debt maturities. Subject to final documentation and other customary closing conditions, Welltower OP also intends to grant the initial purchasers an option to buy up to an added $112.5 million of notes.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.