LTC Announces Reduced Pricing and Extension of Unsecured Credit Facility
June 28 2018 - 9:30AM
Business Wire
LTC Properties, Inc. (NYSE:LTC) announced today that it had
entered into a Second Amended and Restated unsecured credit
agreement (“the Credit Agreement”) to replace LTC’s previous
unsecured credit agreement dated October 14, 2014. The Credit
Agreement maintains the $600 million aggregate commitment of the
lenders under the prior agreement and provides for the opportunity
to increase the commitment size of the Credit Agreement up to a
total of $1 billion. The Credit Agreement extends the maturity
of the Credit Agreement to June 27, 2022 and provides for a
one-year extension option at LTC’s discretion, subject to customary
conditions. Additionally, the Credit Agreement decreases the
interest rate margins and converts from the payment of unused
commitment fees to a facility fee. As of June 27, 2018, LTC had $59
million outstanding under the unsecured revolving credit facility
with pricing under the new Credit Agreement at LIBOR plus 115 basis
points and a facility fee of 20 basis points.
The following banks are participants in the Credit Agreement:
Bank of Montreal, as Administrative Agent, BMO Capital Markets
Corp., 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, Wells Fargo Bank, National
Association as Documentation Agent, Wells Fargo Securities LLC as
Co-Lead Arranger and Joint Book Runner and Royal Bank of Canada,
MUFG Union Bank, N.A., Citizens Bank, N.A., Credit Agricole CIB and
Mizuho Bank, Ltd. as lenders.
About LTC Properties
LTC (NYSE: LTC) is a real estate investment trust that invests
in seniors housing and health care properties primarily through
sale-leaseback transactions, mortgage financing and structured
finance solutions including mezzanine lending. The company’s
portfolio currently includes more than 200 assisted living
communities, memory care communities and post-acute/skilled nursing
centers, located in 29 states with 29 regional and national
operating partners. For more information on LTC Properties, Inc.,
visit the Company’s website at www.LTCreit.com, or connect with us
on Twitter @LTCreit and LinkedIn.
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. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180628005094/en/
LTC Properties, Inc.Wendy SimpsonPam Kessler(805) 981-8655
LTC Properties (NYSE:LTC)
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