Willkie client Ventas, Inc. recently closed on its public offering of $700 million aggregate principal amount of 2.00% Senior Notes due 2018 at 99.739% of principal amount and $225 million principal amount of 3.25% Senior Notes due 2022 at 98.509% of principal amount. The notes are being issued by the company’s operating partnership, Ventas Realty, Limited Partnership, and a wholly owned subsidiary, Ventas Capital Corporation. Louisville, Ky.-based Ventas has a diverse portfolio of more than 1400 assets in 47 states (including the District of Columbia) and two Canadian provinces, consisting of seniors housing communities, skilled nursing facilities, hospitals, medical office buildings and other properties.

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Shearman & Sterling represented Tops Markets, LLC, a portfolio company of Morgan Stanley Capital Partners and Graycliff Partners, in connection with a $125 million asset-based revolving credit facility arranged by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Capital Finance, LLC. Concurrently, the firm also advised Top Markets, LLC and its Co-Issuer Tops Holding Corporation in the issuance of $460 million of senior secured notes placed by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC. The credit facility and the notes have an intercreditor arrangement with cross priority on collateral and were put in place in connection with a refinancing and a dividend recapitalization.

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