CHICAGO, March 22, 2011 /PRNewswire/ -- Subsidiaries of Aviv REIT, Inc. announced the pricing of $100 million aggregate principal amount of 7 3/4% Senior Notes due 2019. The Notes are being issued at a price equal to 102.75% of their face value (equivalent to a 7.16% yield per annum). The Notes will be unsecured senior obligations of the issuers and of the same series as their existing $200 million aggregate principal amount of 7 3/4% Senior Notes due 2019. The offering is expected to close on April 5, 2011, subject to customary closing conditions.
Aviv intends to use approximately $36 million of the net proceeds of the offering to repay a portion of its secured debt, with the approximately $64 million balance used to fund the debt component of $110 million of pending investments.
The notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, and to non-U.S. persons outside of the United States under Regulation S of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Aviv REIT, Inc.
Aviv REIT, Inc. has been among the largest owners of skilled nursing and other healthcare facilities in the United States for over 30 years. At December 31, 2010 the Company's portfolio consisted of 185 properties with 17,997 licensed beds triple-net leased to 32 operators in 24 states.
SOURCE Aviv REIT, Inc.