LTC Locks Rate at 3.85% on $100 Million Senior Unsecured Notes
14 August 2019 - 11:30PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190814005168/en/
For more information contact: Wendy L. Simpson Pam Kessler (805)
981-8655
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