Welltower Announces Upsized Pricing of $900 Million of Exchangeable Senior Notes

Core Viewpoint - Welltower Inc. has announced a $900 million offering of 3.125% exchangeable senior notes due 2029, which has been upsized and is expected to close on July 11, 2024 [1] Group 1: Offering Details - The offering consists of $900 million aggregate principal amount of 3.125% exchangeable senior notes due 2029, with an option for initial purchasers to buy an additional $135 million [1] - The notes will be exchangeable under certain conditions, with an initial exchange rate of 7.8177 shares of common stock per $1,000 principal amount, equating to an exchange price of approximately $127.91 per share [2] - The notes will accrue interest at a rate of 3.125% per year, payable semi-annually, and will mature on July 15, 2029 [7] Group 2: Use of Proceeds - The estimated net proceeds from the offering are approximately $882.3 million, or $1,015.0 million if the option for additional notes is fully exercised, intended for general corporate purposes including debt repayment and investment in health care properties [9] Group 3: Redemption and Repurchase Conditions - Welltower OP may redeem the notes starting July 20, 2027, if the common stock price meets certain conditions [3] - In the event of a fundamental change, holders may require Welltower OP to repurchase their notes at 100% of the principal amount plus accrued interest [8]