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Aviv REIT 'B+' Senior Unsecured Rating Unchanged After Issuing $75M 7.75% Senior Unsecured Notes In Follow-On Offering Mar 11
Standard & Poors, March 2011
Abstract
OVERVIEW Aviv REIT Inc. issued $75 million in a follow-on offering of 7.75% senior unsecured notes due 2019. Our 'B+' senior unsecured rating is unaffected. The Chicago, Ill.-based company plans to use the proceeds from the offering to repay $36 million under the existing secured mortgage term loan and to fund the debt component of anticipated investment activity. The transaction further reduces Aviv's secured debt from 55% to 43% of total outstanding debt. NEW YORK (Standard & Poor's) March 22, 2011--Standard & Poor's Ratings Services today said that its 'B+' rating on Aviv REIT Inc.'s (Aviv's) senior unsecured notes is unaffected by the company's follow-on offering of $75 million senior unsecured notes. The note was co-issued by Aviv Healthcare Properties...
Companies mentioned in this report are: Aviv REIT Inc.,Aviv Healthcare Properties LP,Aviv Healthcare Capital Corp.
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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