LTC LTC Properties Inc

Item 1.01. — Material Definitive Agreement

On November 19, 2021, LTC Properties, Inc. (“LTC”) entered into a Third Amended and Restated unsecured credit agreement (the “Credit Agreement”) to replace LTC’s previous unsecured credit agreement dated June 27, 2018. The Credit Agreement decreases the aggregate commitment of the lenders under the prior agreement to $500 million comprised of a $400 million revolving credit facility and two $50 million term loans. The Credit Agreement permits LTC to request increases to the revolving credit facility and term loan commitments under the Credit Agreement up to a total of $1 billion. The Credit Agreement extends the maturity of the revolving facility under the Credit Agreement to November 19, 2025, and provides for a one-year extension option for the revolving facility at LTC’s discretion, subject to customary conditions. The first term loan facility under the Credit Agreement matures on November 19, 2025 and the second term loan facility expires on November 19, 2026. As of November 19, 2021, LTC had $59 million outstanding under the unsecured revolving credit facility and $100 million of outstanding term loans 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 and as Sustainability Agent, BMO Capital Markets Corp., KeyBanc Capital Markets, Inc., Wells Fargo Securities LLC and Citizens Bank, N.A., as Co-Lead Arrangers and Joint Book Runners, KeyBank National Association, as Syndication Agent, Wells Fargo Bank, National Association and Citizens Bank, N.A. as Co-Documentation Agents, MUFG Union Bank, N.A. as Senior Managing Agent, and Bank of Montreal, KeyBank National Association, Wells Fargo Bank, National Association, Citizens Bank, N.A., MUFG Union Bank, N.A., and The Huntington National Bank, as lenders.

The Credit Agreement includes customary LIBOR replacement terms.

A copy of the Credit Agreement is filed as Exhibit 10.1 hereto, and is hereby incorporated by reference. The above summary of the Credit Agreement is qualified in its entirety by reference to such document.

The Credit Agreement contains customary representations, warranties, and agreements. The representations, warranties, and covenants contained in the Credit Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Credit Agreement, and may be subject to limitations agreed upon by such parties. The representations, warranties, and covenants in the Credit Agreement should be read only in conjunction with the other information that LTC makes publicly available in reports, statements, and other documents filed with the Securities and Exchange Commission.

In connection with entering into the Credit Agreement, LTC entered into interest rate swap agreements to effectively fix the interest rate on the two term loans available under the Credit Agreement at 2.56% and 2.69% per annum for their respective terms, based upon the Credit Agreement’s stated applicable margins.