Filed Pursuant to Rule 433
Issuer Free Writing Prospectus
dated December 5, 2011
Registration No. 333-160480
Supplementing the Preliminary
Prospectus dated December 5, 2011
and Prospectus dated July 8, 2009

 

SENIOR HOUSING PROPERTIES TRUST

 

This information supplements the information contained in the preliminary prospectus
supplement dated December 5, 2011 to the Prospectus dated July 8, 2009.

 

PRICING TERM SHEET

 

Issuer:

 

Senior Housing Properties Trust

 

 

 

Security:

 

6.75% Senior Notes due 2021

 

 

 

Ranking:

 

Senior Unsecured Notes

 

 

 

Format:

 

SEC Registered

 

 

 

Expected Ratings (Moody’s / S&P)*:

 

Baa3 / BBB-

 

 

 

Trade Date:

 

December 5, 2011

 

 

 

Settlement Date:

 

T + 3; December 8, 2011

 

 

 

Interest Payment Dates:

 

June 15 and December 15, commencing June 15, 2012

 

 

 

Principal Amount

 

$300,000,000

 

 

 

Maturity:

 

December 15, 2021

 

 

 

Benchmark Treasury:

 

2.00% U.S. Treasury due November 15, 2021

 

 

 

Benchmark Treasury Price and Yield:

 

99-22 / 2.035%

 

 

 

Spread to Benchmark Treasury:

 

+496.5 basis points

 

 

 

Yield to Maturity:

 

7.00%

 

 

 

Coupon (Interest Rate):

 

6.75% per annum

 

 

 

Price to Public:

 

98.219% of principal amount, plus accrued interest, if any, from December 8, 2011

 

 

 

Net Proceeds:

 

$292,707,000 (before expenses)

 

 

 

Redemption Provision:

 

Make-whole call at any time based on U.S. Treasury plus 50 basis points. If the notes are redeemed on or after June 15, 2021, the redemption price will not include a make-whole amount.

 

 

 

Pro Forma Ratio of Earnings to Fixed Charges:(1)

 

Nine Months Ended September 30, 2011

 

Year Ended December 31, 2010

 

 

2.1x

 

2.0x

 

 

 

CUSIP / ISIN:

 

81721M AG4 / US81721MAG42

 

(1)  The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges. For this purpose, earnings have been calculated by adding fixed charges to net income. Fixed charges consist of interest costs, any interest component of capitalized lease expense, amortization of debt discounts and deferred financing costs.

 


 

Joint Book-Running Managers:

 

UBS Securities LLC

 

 

 

 

 

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

 

 

 

 

 

RBC Capital Markets, LLC

 

 

 

 

 

Wells Fargo Securities, LLC

 

 

 

Joint Lead Managers:

 

Citigroup Global Markets Inc.

 

 

 

 

 

Jefferies & Company, Inc.

 

 

 

 

 

Morgan Keegan & Company, Inc.

 

 

 

 

 

Morgan Stanley & Co. LLC

 

 

 

Co-Managers:

 

BB&T Capital Markets, a division of Scott & Stringfellow, LLC

 

 

 

 

 

BNY Mellon Capital Markets, LLC

 

 

 

 

 

Capital One Southcoast, Inc.

 

 

 

 

 

Comerica Securities, Inc.

 

 

 

 

 

Mitsubishi UFJ Securities (USA), Inc.

 

 

 

 

 

PNC Capital Markets LLC

 

 

 

 

 

RBS Securities Inc.

 

 

 

 

 

SMBC Nikko Capital Markets Limited

 

 

 

 

 

TD Securities (USA) LLC

 

 

 

 

 

U.S. Bancorp Investments, Inc.

 

* A securities rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or withdrawal at any time.

 

The issuer has filed a registration statement (including a preliminary prospectus supplement and a related prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and the related prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer or any underwriter participating in the offering will arrange to send you the prospectus supplement and related prospectus if you request it by calling UBS Securities LLC toll-free at 1-877-827-6444, extension 561-3884, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322, RBC Capital Markets, LLC toll-free at 1-866-375-6829 or Wells Fargo Securities, LLC toll-free at 1-800-326-5897.

 

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.