HCP Prices $600 Million of 3.40% Senior Unsecured Notes Due 2025
14 January 2015 - 8:06AM
Business Wire
HCP, Inc. (NYSE:HCP) today priced an offering of $600 million of
3.40% senior unsecured notes due 2025. The price to investors was
99.185% of the principal amount of the notes representing a
yield-to-maturity of 3.497%.
The net proceeds from the offering after expenses are
approximately $589.4 million and will be used (i) to repay the U.S.
dollar portion outstanding under our $2.0 billion revolving line of
credit, which was $105 million as of January 12, 2015, which
borrowings were principally used to discharge mortgage indebtedness
on certain properties; (ii) to repay our $200.0 million 6.0% Senior
Notes due March 2015; (iii) to repay our $200.0 million 7.072%
Senior Notes due June 2015; and (iv) for general corporate
purposes, including future acquisitions, investments or repayment
of other indebtedness. The repayment of notes described in clauses
(ii) and (iii) above represents substantially all of our scheduled
debt maturities in 2015.
The offering is expected to close on January 21, 2015, subject
to customary closing conditions.
Citigroup Global Markets Inc., Credit Agricole Securities (USA)
Inc., Credit Suisse Securities (USA) LLC and RBS Securities Inc.
acted as joint book-running managers for the offering.
This offering of notes may be made only by means of a prospectus
supplement and a prospectus. A copy of the prospectus supplement
and the prospectus relating to the offering will be filed with the
Securities and Exchange Commission and, when available, can be
obtained from: (i) Citigroup Global Markets Inc., Attention:
Prospectus Department, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717, or by phone at (800)
831-9146; (ii) Credit Agricole Securities (USA) Inc., Attention:
Debt Syndicate, 1301 Avenue of the Americas, New York, New York
10019, or by phone at (212) 261-7000; (iii) Credit Suisse
Securities (USA) LLC, Attention: Prospectus Department, One Madison
Avenue, New York, New York 10010, or by phone at (800) 221-1037;
and (iv) RBS Securities Inc., Attention: Syndicate, 600 Washington
Boulevard, Stamford, Connecticut 06901, or by phone at (866)
884-2071.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification thereof under the securities laws of any such state
or jurisdiction.
About HCP
HCP, Inc. is a fully integrated real estate investment trust
(REIT) that invests primarily in real estate serving the healthcare
industry in the United States. HCP's portfolio of assets is
diversified among five distinct sectors: senior housing,
post-acute/skilled nursing, life science, medical office and
hospitals. A publicly traded company since 1985, HCP: (i) was the
first healthcare REIT selected to the S&P 500 index; (ii) has
increased its dividend per share for 29 consecutive years; (iii) is
the only REIT included in the S&P 500 Dividend Aristocrats
index; and (iv) is a global leader in sustainability as a member of
the CDP, Dow Jones and FTSE4Good sustainability leadership indices,
as well as the GRESB Global Healthcare Sector Leader.
Forward-looking Statements
The statements contained in this release which are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking
statements. These risks and uncertainties include general economic
conditions and the ability of HCP to complete the offering and
deploy the resulting proceeds as indicated above, including the
risk that the offering described above will not close on the
indicated timetable or at all, and that the proceeds may not be
able to be deployed as so indicated. Some of these risks, and other
risks, are described from time to time in HCP’s Securities and
Exchange Commission filings.
HCP, Inc.Timothy M. SchoenExecutive Vice President and Chief
Financial Officer(949) 407-0400
HCP (NYSE:HCP)
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