SENIOR NOTES PAYABLE AND OTHER DEBT

6 Months Ended

Jun. 30, 2019

NOTE 9—SENIOR NOTES PAYABLE AND OTHER DEBT

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



	As of June 30, 2019			As of December 31, 2018
	(In thousands)
Unsecured revolving credit facility ⁽¹⁾	$	227,323		$	765,919
Commercial paper notes	270,000			—
Secured revolving construction credit facility due 2022	123,223			90,488
3.00% Senior Notes, Series A due 2019 ⁽²⁾	305,577			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⁾	190,985			183,325
Unsecured term loan due 2023	200,000			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⁾	210,084			201,657
Unsecured term loan due 2024	—			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⁾	190,985			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 ⁽³⁾	52,400			52,400
6.59% Senior Notes due 2038 ⁽³⁾	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	1,103,503			1,127,697
Total	10,346,903			10,829,702
Deferred financing costs, net	(75,564		)	(69,615		)
Unamortized fair value adjustment	9,213			(1,163		)
Unamortized discounts	(24,460		)	(25,225		)
Senior notes payable and other debt	$	10,256,092		$	10,733,699


⁽¹⁾	As of June 30, 2019 and December 31, 2018, respectively, $15.3 million and $23.1 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $27.0 million and $27.8 million were denominated in British pounds as of June 30, 2019 and December 31, 2018, respectively.


⁽²⁾	Canadian Dollar debt obligations shown in US Dollars.


⁽³⁾	Our 6.90% senior notes due 2037 are subject to repurchase, at the option of the holders, on October 1, 2027, and our 6.59% senior notes due 2038 are subject to repurchase, at the option of the holders, on July 7 in each of 2023 and 2028.

As of June 30, 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	$	372,495	$	270,000	$	8,120	$	650,615
2020	598,436		—		15,323		613,759
2021	71,813		227,323		14,232		313,368
2022	1,532,545		—		12,744		1,545,289
2023	1,450,721		—		9,105		1,459,826
Thereafter	5,683,902		—		80,144		5,764,046
Total maturities	$	9,709,912	$	497,323	$	139,668	$	10,346,903


⁽¹⁾	At June 30, 2019, we had $415.3 million of borrowings outstanding under our unsecured revolving credit facility and commercial paper program, net of $82.0 million of unrestricted cash and cash equivalents.

Credit Facilities, Commercial Paper and Unsecured Term Loans

Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility, priced at LIBOR plus 0.875% as of June 30, 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.

In January 2019, our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“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 $1.0 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 June 30, 2019, $270.0 million was outstanding under our commercial paper program.

As of June 30, 2019, $227.3 million was outstanding under the unsecured revolving credit facility with an additional

$23.7 million restricted to support outstanding letters of credit. In addition, we limit our utilization of the unsecured revolving credit facility in order to maintain liquidity and to support our commercial paper program. Including these internal limits, we had $2.5 billion in available liquidity under the unsecured revolving credit facility as of June 30, 2019.

In June 2019, we repaid $100.0 million of the balance outstanding on the $300.0 million unsecured term loan that matures in 2023 and repaid in full the $600.0 million unsecured term loan that was set to mature in 2024 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $3.2 million during the three months ended June 30, 2019.

As of June 30, 2019, we had a $200.0 million unsecured term loan priced at LIBOR plus 0.90% that matures in 2023. The term loan also includes an accordion feature that effectively permits us to increase our aggregate borrowings thereunder to up to $800.0 million.

As of June 30, 2019, we had a $400.0 million secured revolving construction credit facility with $123.2 million of borrowings outstanding. 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 first quarter of 2019.

In February 2019, 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 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.

In June 2019, Ventas Realty issued $450.0 million aggregate principal amount of 2.65% senior notes due 2025 at a public offering price equal to 99.45% of par. The notes were settled and proceeds were received in July 2019.

In July 2019, in connection with an announced cash tender offer for such notes, we redeemed $397.1 million aggregate principal amount then outstanding of our 2.70% senior notes due 2020 for a tender offer consideration of 100.37% of par value, plus accrued and unpaid interest to the payment date. Notice of the redemption was given in June 2019 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $0.8 million during the three months ended June 30, 2019.