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Healthpeak Properties (NYSE: DOC) announced that its operating company, Healthpeak OP, , has priced a public offering of $500.0 million of 5.375% senior unsecured notes due 2035. The notes will be priced at 99.549% of principal amount, with estimated net proceeds of $494.5 million after underwriting discount.
The company plans to use the proceeds to repay commercial paper borrowings and for general corporate purposes, including potential debt repayment, acquisitions, development activities, and capital expenditures. The offering is expected to close on February 14, 2025.
Wells Fargo Securities, BNP PARIBAS, Goldman Sachs & Co. , PNC Capital Markets , and TD Securities are serving as joint book-running managers for the offering.
Healthpeak Properties (NYSE: DOC) ha annunciato che la sua società operativa, Healthpeak OP, ha fissato il prezzo per un’offerta pubblica di 500,0 milioni di dollari di note senior non garantite al 5,375% con scadenza nel 2035. Le note verranno prezzate al 99,549% del valore nominale, con proventi netti stimati di 494,5 milioni di dollari dopo la commissione di sottoscrizione.
La società prevede di utilizzare i proventi per rimborsare prestiti di carta commerciale e per scopi aziendali generali, inclusi potenziali rimborsi di debiti, acquisizioni, attività di sviluppo e spese in capitale. Si prevede che l’offerta si concluda il 14 febbraio 2025.
Wells Fargo Securities, BNP PARIBAS, Goldman Sachs & Co., PNC Capital Markets e TD Securities stanno fungendo da co-responsabili dell’offerta.
Healthpeak Properties (NYSE: DOC) anunció que su empresa operativa, Healthpeak OP, ha fijado el precio de una oferta pública de 500,0 millones de dólares de notas senior no aseguradas al 5,375% con vencimiento en 2035. Las notas se fijarán al 99,549% del monto principal, con ingresos netos estimados de 494,5 millones de dólares después del descuento por suscripción.
La empresa planea utilizar los ingresos para pagar préstamos de papel comercial y para fines corporativos generales, que incluyen posibles reembolsos de deuda, adquisiciones, actividades de desarrollo y gastos de capital. Se espera que la oferta cierre el 14 de febrero de 2025.
Wells Fargo Securities, BNP PARIBAS, Goldman Sachs & Co., PNC Capital Markets y TD Securities están actuando como gerentes de libro conjuntos para la oferta.
Healthpeak Properties (NYSE: DOC)는 자회사인 Healthpeak OP가 2035년 만기인 5.375%의 비담보 선순위 노트 5억 달러의 공모가를 결정했다고 발표했습니다. 이 노트는 원금의 99.549%에 가격이 매겨지며, 인수 수수료를 제외한 순수익은 4억 9천 4백 5십만 달러로 예상됩니다.
회사는 이 수익금을 사용하여 상업 어음 빌림을 상환하고, 잠재적인 부채 상환, 인수, 개발 활동 및 자본 지출을 포함한 일반 기업 목적에 사용할 계획입니다. 이 제안은 2025년 2월 14일에 마감될 것으로 예상됩니다.
Wells Fargo Securities, BNP PARIBAS, Goldman Sachs & Co., PNC Capital Markets 및 TD Securities는 이 제안의 공동 주관 매니저로 활동하고 있습니다.
Healthpeak Properties (NYSE: DOC) a annoncé que sa société d’exploitation, Healthpeak OP, a fixé le prix d’une offre publique de 500 millions de dollars d’obligations senior non garanties à 5,375% arrivant à échéance en 2035. Les obligations seront offertes au prix de 99,549% du montant nominal, avec des produits nets estimés à 494,5 millions de dollars après la remise de souscription.
La société prévoit d’utiliser les produits pour rembourser des emprunts de papier commercial et à des fins générales d’entreprise, y compris de potentiels remboursements de dette, des acquisitions, des activités de développement et des dépenses en capital. L’offre devrait être conclue le 14 février 2025.
Wells Fargo Securities, BNP PARIBAS, Goldman Sachs & Co., PNC Capital Markets, et TD Securities agissent en tant que co-gérants pour cette offre.
Healthpeak Properties (NYSE: DOC) kündigte an, dass ihr Betriebsgesellschaft, Healthpeak OP, eine öffentliche Angebot von 500,0 Millionen US-Dollar an 5,375%-seniorer unbesicherter Anleihen mit Fälligkeit im Jahr 2035 festgelegt hat. Die Anleihen werden zu 99,549% des Nennbetrags bewertet, wobei die geschätzten Nettomittelzuflüsse nach dem Unterzeichnungshonorar 494,5 Millionen US-Dollar betragen sollen.
Das Unternehmen plant, die Mittel zur Rückzahlung von Commercial-Paper-Darlehen und für allgemeine Unternehmenszwecke zu verwenden, einschließlich möglicher Schuldenrückzahlungen, Akquisitionen, Entwicklungsaktivitäten und Investitionen. Die Ausgabe soll am 14. Februar 2025 abgeschlossen werden.
Wells Fargo Securities, BNP PARIBAS, Goldman Sachs & Co., PNC Capital Markets und TD Securities fungieren als Joint Book-Running Managers für die Angebotsrunde.
Positive
- Successful pricing of $500 million senior notes offering
- Strengthening of balance sheet through debt refinancing
- Multiple top-tier financial institutions as book-running managers indicating strong market confidence
Negative
- Additional long-term debt obligation at 5.375% interest rate
- Slightly below par pricing at 99.549% of principal amount
Insights
This $500M senior notes offering represents a strategic debt management move by Healthpeak Properties. The 5.375% coupon rate and slight discount pricing at 99.549% of par reflects current market conditions and Healthpeak’s credit quality. The decision to refinance commercial paper with longer-term debt is particularly noteworthy, as it reduces refinancing risk and provides more predictable interest expenses through 2035.
The transaction demonstrates smart liability management by converting short-term, potentially volatile commercial paper obligations into fixed-rate, long-term debt. This is especially prudent given the healthcare REIT’s capital-intensive business model and the current interest rate environment. The slight discount to par suggests modest investor demand and appropriate pricing relative to market yields.
The joint and several guarantees from Healthpeak and its subsidiaries provide strong structural protection for noteholders. The broad use of proceeds clause, while standard, provides financial flexibility for various capital allocation needs including acquisitions and development activities. This offering enhances Healthpeak’s debt maturity ladder and maintains its access to diverse funding sources, which is important for a major healthcare real estate operator with ongoing capital needs.
DENVER–(BUSINESS WIRE)– Healthpeak Properties, Inc. (“Healthpeak”) (NYSE: DOC), a leading owner, operator, and developer of real estate for healthcare discovery and delivery, announced today that its operating company, Healthpeak OP, LLC (the “operating company”), has priced a public offering of $500.0 million aggregate principal amount of 5.375% senior unsecured notes due 2035 (the “notes”). The notes will be senior unsecured obligations of the operating company and will be fully and unconditionally guaranteed, on a joint and several basis, by Healthpeak, DOC DR Holdco, LLC and DOC DR, LLC. The price to investors was 99.549% of the principal amount of the notes.
The estimated net proceeds of the offering are expected to be approximately $494.5 million, after deducting the underwriting discount but before deducting fees and expenses payable by the operating company. The operating company intends to use the net proceeds from the offering to repay borrowings outstanding under its commercial paper program and for general corporate purposes, which may include repaying or repurchasing other indebtedness, working capital, acquisitions, development and redevelopment activities, and capital expenditures. Pending application of the net proceeds from the offering for the foregoing purposes, such proceeds may initially be invested in short-term securities.
The offering is expected to close on February 14, 2025, subject to the satisfaction of customary closing conditions.
Wells Fargo Securities, BNP PARIBAS, Goldman Sachs & Co. LLC, PNC Capital Markets LLC, and TD Securities are acting as joint book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration statement and prospectus and a related preliminary prospectus supplement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Copies of the prospectus supplement and related prospectus for the offering, when available, can be obtained from: (i) Wells Fargo Securities, LLC at 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attention: WFS Customer Service, or by calling: 1-800-645-3751, or by emailing: wfscustomerservice@wellsfargo.com, (ii) BNP Paribas Securities Corp., 787 Seventh Avenue, New York, NY 10019, Attention: Syndicate Desk, email: DL.US.Syndicate.Support@us.bnpparibas.com, (iii) Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com, (iv) PNC Capital Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222, by calling toll-free at 855-881-0697 or emailing pnccmprospectus@pnc.com or (v) TD Securities (USA) LLC at One Vanderbilt Avenue, 11th Floor, New York, NY 10017, by toll-free telephone at (855) 495-9846.
About Healthpeak
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “will,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include our ability to complete the offering in a timely fashion or at all, that the proceeds from the offering may not be deployed as anticipated; and those risks and uncertainties associated with Healthpeak’s business described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and its subsequent filings with the Securities and Exchange Commission. Although Healthpeak believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, Healthpeak can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and Healthpeak undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250205430697/en/
Andrew Johns, CFA
Senior Vice President – Investor Relations
720-428-5400
Source: Healthpeak Properties, Inc.
FAQ
What is the interest rate and maturity of Healthpeak’s (DOC) new senior notes offering?
Healthpeak’s senior notes offering has an interest rate of 5.375% and matures in 2035.
How much will Healthpeak (DOC) raise from its February 2024 notes offering?
Healthpeak expects to raise approximately $494.5 million in net proceeds after underwriting discount.
What will Healthpeak (DOC) use the proceeds from its 2024 notes offering for?
The proceeds will be used to repay commercial paper borrowings and for general corporate purposes, including debt repayment, acquisitions, development activities, and capital expenditures.
When will Healthpeak’s (DOC) $500 million notes offering close?
The notes offering is expected to close on February 14, 2025, subject to customary closing conditions.
Which banks are managing Healthpeak’s (DOC) 2024 notes offering?
Wells Fargo Securities, BNP PARIBAS, Goldman Sachs & Co. , PNC Capital Markets , and TD Securities are acting as joint book-running managers.
