LTC Locks Rate at 3.85% on $100 Million Senior Unsecured Notes
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Aug 14, 2019--
LTC Properties, Inc. (NYSE: LTC) announced today that it locked rate under a private shelf agreement with affiliates and managed accounts of PGIM, Inc. (the investment management business of Prudential Financial, Inc.) on $100.0 million of senior unsecured notes with a coupon of 3.85%. The notes will have an average life of 10.5 years, scheduled principal payments and will mature in October 2031. LTC anticipates the sale of the notes to occur in October 2019 and to use the proceeds to pay down its unsecured revolving line of credit.
About LTC Properties
LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC holds more than 200 investments in 28 states with 30 operating partners. The portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at www.LTCreit.com.
Forward Looking Statements
This press release includes statements that are not purely historical and are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward looking statements. These forward looking statements involve a number of risks and uncertainties. Please see LTC’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its other publicly available filings with the Securities and Exchange Commission for a discussion of these and other risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and LTC assumes no obligation to update such forward looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward looking statements due to the risks and uncertainties of such statements.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190814005168/en/
CONTACT: For more information contact:
Wendy L. Simpson
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: HEALTH CONSUMER RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY MANAGED CARE GENERAL HEALTH SENIORS REIT NURSING
SOURCE: LTC Properties, Inc.
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PUB: 08/14/2019 09:30 AM/DISC: 08/14/2019 09:30 AM