SENIOR NOTES PAYABLE AND OTHER DEBT

3 Months Ended

Mar. 31, 2019

NOTE 9—SENIOR NOTES PAYABLE AND OTHER DEBT

The following is a summary of our senior notes payable and other debt:



	As of March 31, 2019			As of December 31, 2018
	(In thousands)
Unsecured revolving credit facility ⁽¹⁾	$	52,135		$	765,919
Commercial paper notes	195,000			—
Secured revolving construction credit facility due 2022	104,629			90,488
3.00% Senior Notes, Series A due 2019 ⁽²⁾	299,760			293,319
2.70% Senior Notes due 2020	500,000			500,000
4.25% Senior Notes due 2022	600,000			600,000
3.25% Senior Notes due 2022	500,000			500,000
3.30% Senior Notes, Series C due 2022 ⁽²⁾	187,350			183,325
Unsecured term loan due 2023	300,000			300,000
3.125% Senior Notes due 2023	400,000			400,000
3.10% Senior Notes due 2023	400,000			400,000
2.55% Senior Notes, Series D due 2023 ⁽²⁾	206,085			201,657
Unsecured term loan due 2024	600,000			600,000
3.50% Senior Notes due 2024	400,000			—
3.75% Senior Notes due 2024	400,000			400,000
4.125% Senior Notes, Series B due 2024 ⁽²⁾	187,350			183,324
3.50% Senior Notes due 2025	600,000			600,000
4.125% Senior Notes due 2026	500,000			500,000
3.25% Senior Notes due 2026	450,000			450,000
3.85% Senior Notes due 2027	400,000			400,000
4.00% Senior Notes due 2028	650,000			650,000
4.40% Senior Notes due 2029	750,000			750,000
6.90% Senior Notes due 2037	52,400			52,400
6.59% Senior Notes due 2038	22,823			22,823
5.45% Senior Notes due 2043	—			258,750
5.70% Senior Notes due 2043	300,000			300,000
4.375% Senior Notes due 2045	300,000			300,000
4.875% Senior Notes due 2049	300,000			—
Mortgage loans and other	1,131,646			1,127,697
Total	10,789,178			10,829,702
Deferred financing costs, net	(83,117		)	(69,615		)
Unamortized fair value adjustment	9,584			(1,163		)
Unamortized discounts	(25,469		)	(25,225		)
Senior notes payable and other debt	$	10,690,176		$	10,733,699


⁽¹⁾	As of March 31, 2019 and December 31, 2018, respectively, $24.0 million and $23.1 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $28.2 million and $27.8 million were denominated in British pounds as of March 31, 2019 and December 31, 2018, respectively.


⁽²⁾	Canadian Dollar debt obligations converted to US Dollars.

As of March 31, 2019, our indebtedness had the following maturities:



	Principal Amount Due at Maturity		Unsecured Revolving Credit Facility and Commercial Paper Notes ⁽¹⁾		Scheduled Periodic Amortization		Total Maturities
	(In thousands)
2019	$	397,176	$	195,000	$	12,080	$	604,256
2020	596,590		—		15,322		611,912
2021	67,316		52,135		14,232		133,683
2022	1,510,316		—		12,743		1,523,059
2023	1,546,722		—		9,104		1,555,826
Thereafter ⁽²⁾	6,280,279		—		80,163		6,360,442
Total maturities	$	10,398,399	$	247,135	$	143,644	$	10,789,178


⁽¹⁾	At March 31, 2019, we had $82.5 million of unrestricted cash and cash equivalents, for $164.6 million of net borrowings outstanding under our unsecured revolving credit facility and commercial paper program.


⁽²⁾	Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1, 2027, and $22.8 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2023 and 2028.

Credit Facilities and Unsecured Term Loans

Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility, priced at London Inter-bank Offered Rate (“LIBOR”) plus 0.875% as of March 31, 2019. The unsecured revolving credit facility matures in 2021, but may be extended at our option subject to the satisfaction of certain conditions for two additional periods of six months each. The unsecured revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion.

As of March 31, 2019, $52.1 million was outstanding under the unsecured revolving credit facility with an additional

$23.1 million restricted to support outstanding letters of credit, resulting in $2.9 billion in available liquidity under the unsecured revolving credit facility.

As of March 31, 2019, we had a $900.0 million unsecured term loan facility priced at LIBOR plus 0.90%, comprised of a $300.0 million term loan that matures in 2023 and a $600.0 million term loan that matures in 2024. The term loan facility also includes an accordion feature that permits us to increase our aggregate borrowings thereunder to up to $1.5 billion.

As of March 31, 2019, we had a $400.0 million secured revolving construction credit facility with $104.6 million of borrowings outstanding and $295.4 million of unused borrowing capacity. The secured revolving construction credit facility matures in 2022 and is primarily used to finance the development of research and innovation centers and other construction projects.

Senior Notes

In January 2019, we redeemed $258.8 million aggregate principal amount then outstanding of our 5.45% senior notes due 2043 at a public offering price at par, plus accrued and unpaid interest to the redemption date. Notice of the redemption was given in November 2018 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $7.1 million during the year ended December 31, 2018 and $0.4 million during the three months ended March 31, 2019.

In February 2019, our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), issued and sold $400.0 million aggregate principal amount of 3.50% senior notes due 2024 at a public offering price equal to 99.88% of par, for total proceeds of $399.5 million before the underwriting discount and expenses, and $300.0 million aggregate principal amount of 4.875% senior notes due 2049 at a public offering price equal to 99.77% of par, for total proceeds of $299.3 million before the underwriting discount and expenses.

Commercial Paper Program

In January 2019, Ventas Realty established an unsecured commercial paper program. Under the terms of the program, we may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1 billion. The notes are sold under customary terms in the United States commercial paper note market and are ranked pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by Ventas, Inc. As of March 31, 2019, we had $195.0 million of borrowings outstanding.