LTC Announces Increase, Repricing and Extension of Unsecured Credit Facility
October 15 2014 - 9:30AM
Business Wire
LTC Properties, Inc. (NYSE: LTC) (“the Company”) announced today
that it had entered into an Amended and Restated unsecured credit
agreement (“the Credit Agreement”), to replace LTC’s previous
unsecured credit agreement dated April 28, 2011 as amended May 25,
2012. The Credit Agreement increases the aggregate commitment of
the lenders to $400 million and provides for the opportunity to
increase the credit amount up to a total of $600 million. The
Credit Agreement extends the maturity of the Credit Agreement to
October 14, 2018 and provides for a one-year extension option at
LTC’s discretion, subject to customary conditions. Additionally,
the Credit Agreement reduces the pricing grid by 25 basis points
for certain leverage ratios. As of October 15, 2014, LTC had $15
million outstanding under the unsecured revolving credit facility
priced at LIBOR plus 125 basis points and an unused commitment fee
of 30 basis points.
The following banks are participants in the Credit Agreement:
Bank of Montreal, as Administrative Agent, BMO Capital Markets, as
Co-Lead Arranger and Joint Book Runner, KeyBank National
Association, as Syndication Agent, KeyBanc Capital Markets, Inc. as
Co-Lead Arranger and Joint Book Runner, Royal Bank of Canada as
Co-Documentation Agent, RBC Capital Markets as Co-Lead Arranger and
Joint Book Runner, Wells Fargo Bank, National Association as
Co-Documentation Agent, Wells Fargo Securities LLC as Co-Lead
Arranger and Joint Book Runner and Credit Agricole CIB and MUFG
Union Bank, N.A. as lenders.
LTC is a self-administered real estate investment trust that
primarily invests in seniors housing and health care properties
through triple-net lease transactions, mortgage loans and other
investments. For more information on LTC Properties, Inc., visit
the Company’s website 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 our most recent
Annual Report on Form 10-K, our subsequent Quarterly Reports on
Form 10-Q, and our 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 the Company 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.
LTC Properties, Inc.Wendy L. SimpsonPam Kessler805-981-8655
LTC Properties (NYSE:LTC)
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