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LTC Completes Sale Of Senior Unsecured Notes - Quick Facts
(RTTNews) - Wednesday, LTC Properties Inc. (LTC) completed the sale to affiliates and managed accounts of Prudential Investment Management Inc. of $25 million aggregate principal amount of 5.26% senior unsecured term notes due 2015 and $25 million aggregate principal amount of 5.74% senior unsecured term notes due 2019.
The company also announced that it entered into an uncommitted private shelf agreement with Prudential which provides for the possible issuance of up to an additional $50 million of senior unsecured fixed-rate term notes during the three-year issuance period. The company expects to use proceeds of the Series A Notes to pay down its unsecured revolving line of credit and for general corporate purposes.
LTC Properties Inc. operates as a health care real estate investment trust in the United States. The company primarily invests in long-term care and other health care related properties through mortgage loans, property lease transactions, and other investments.
LTC lasts traded at $24.38, down $0.15 or 0.61%, on a volume of 75,737 shares on the NYSE.
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