SENIOR NOTES PAYABLE AND OTHER DEBT

6 Months Ended

Jun. 30, 2020

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, 2020		As of December 31, 2019
	(In thousands)
Unsecured revolving credit facility ⁽¹⁾	$	587,206	$	120,787
Commercial paper notes	—		567,450
Secured revolving construction credit facility due 2022	157,156		160,492
Floating Rate Senior Notes, Series F due 2021 ⁽²⁾	221,027		231,018
3.25% Senior Notes due 2022	500,000		500,000
3.30% Senior Notes, Series C due 2022 ⁽²⁾	184,189		192,515
Unsecured term loan due 2023	200,000		200,000
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⁾	202,608		211,767
3.50% Senior Notes due 2024	400,000		400,000
3.75% Senior Notes due 2024	400,000		400,000
4.125% Senior Notes, Series B due 2024 ⁽²⁾	184,189		192,515
2.80% Senior Notes, Series E due 2024 ⁽²⁾	442,054		462,036
Unsecured term loan due 2025 ⁽²⁾	368,378		385,030
3.50% Senior Notes due 2025	600,000		600,000
2.65% Senior Notes due 2025	450,000		450,000
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
3.00% Senior Notes due 2030	650,000		650,000
4.75% Senior Notes due 2030	500,000		—
6.90% Senior Notes due 2037 ⁽³⁾	52,400		52,400
6.59% Senior Notes due 2038 ⁽³⁾	22,823		22,823
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		300,000
Mortgage loans and other	2,056,287		1,996,969
Total	12,628,317		12,245,802
Deferred financing costs, net	(78,260)		(79,939)
Unamortized fair value adjustment	14,944		20,056
Unamortized discounts	(34,965)		(27,146)
Senior notes payable and other debt	$	12,530,036	$	12,158,773

⁽¹⁾As of June 30, 2020 and December 31, 2019, respectively, $12.5 million and $26.2 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $24.7 million and $27.6 million were denominated in British pounds as of June 30, 2020 and December 31, 2019, 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, at par, on October 1, 2027, and our 6.59% senior notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7 in each of 2023 and 2028.

As of June 30, 2020, 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)
2020	$	136,671	$	—	$	22,568	$	159,239
2021	418,035		587,206		42,469		1,047,710
2022	1,261,138		—		36,492		1,297,630
2023	1,586,472		—		23,287		1,609,759
2024	1,545,310		—		17,308		1,562,618
Thereafter	6,848,401		—		102,960		6,951,361
Total maturities	$	11,796,027	$	587,206	$	245,084	$	12,628,317

⁽¹⁾At June 30, 2020, we had unrestricted cash and cash equivalents of $1.0 billion, which exceeds the borrowings outstanding under our unsecured revolving credit facility and commercial paper program.

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, 2020. The unsecured revolving credit facility matures in April 2021, but may be extended at our option subject to the satisfaction of certain conditions, including all representations and warranties being correct in all material respects with no existing defaults, for two additional periods of six months each to April 2022. 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.

Our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), 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, 2020, we had no borrowings outstanding under our commercial paper program.

As of June 30, 2020, $587.2 million was outstanding under the unsecured revolving credit facility with an additional $23.9 million restricted to support outstanding letters of credit. In addition, we limit our utilization of the unsecured revolving credit facility, to the extent necessary, to support our commercial paper program when commercial paper notes are outstanding. We had $2.4 billion in available liquidity under the unsecured revolving credit facility as of June 30, 2020.

As of June 30, 2020, 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, 2020, we had a C$500 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that matures in 2025.

As of June 30, 2020, we had a $400.0 million secured revolving construction credit facility with $157.2 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 March 2020, Ventas Realty issued $500.0 million aggregate principal amount of 4.75% senior notes due 2030 at a public offering price equal to 97.86% of par. The notes were settled and proceeds were received in April 2020.