Senior Housing starts marketing off-the-shelf offering of $200 million senior notes Dec. 10

By Paul A. Harris

St. Louis, Mo., Dec. 5 - An off-the-shelf offering of $200 million of seven-year senior notes for Senior Housing Properties will hit the road Dec. 10-13, a syndicate source told Prospect News.

Pricing is expected to take place late in the week of Dec. 10.

UBS Warburg is the bookrunner. Co-managers include Dresdner Kleinwort Benson, Wachovia Securities, BMO Nesbitt Burns, CIBC World Markets, PNC Capital Markets and S.G. Cowen, according to the source.

The notes (Ba2/BB) contain a make-whole call at 50 basis points over Treasuries, the source said.

Proceeds will be used to fund the acquisition of 31 senior living communities from Crestline Capital Corp. and for general corporate purposes.

The company is a Newton, Massachusetts-based senior housing properties REIT.

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