LTC Announces $75 Million Private Placement Debt Financing at 3.66%
May 18 2022 - 9:30AM
Business Wire
LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a
real estate investment trust that primarily invests in seniors
housing and health care properties, today announced that it entered
into a Note Purchase Agreement to issue $75 million aggregate
principal amount of 3.66% senior unsecured notes (the “Notes”). The
Notes have an average 10-year life, scheduled principal payments
and will mature on May 17, 2033.
Year to date, the Company has invested approximately $113
million, sold assets at a net gain of approximately $38 million
generating net proceeds of approximately $73 million. Of the Notes
proceeds, approximately $41 million has been used for these
investments which were initially funded through the Company’s
existing unsecured revolving line of credit under the Third Amended
and Restated Credit Agreement (the “Credit Agreement’). The Company
expects to use the remaining proceeds from the sale of the Notes to
pay down its unsecured revolving line of credit.
Additionally, the Company amended its existing senior unsecured
note agreements to conform with the covenants in the Credit
Agreement.
“The favorable rate and proceeds from these Notes give us
additional liquidity for further growth in 2022,” said Wendy
Simpson, LTC’s Chairman and CEO. “In the face of rising interest
rates, we continue to demonstrate balance sheet strength by terming
out short term variable rate debt over the long term at an
attractive fixed all-time low coupon for LTC.”
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’s investment portfolio includes 202 properties in 29
states with 33 operating partners consisting of real property
investments, first mortgages, mezzanine loans, working capital
notes and unconsolidated joint ventures. Based on its gross
investments, LTC’s investment 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. 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/20220518005441/en/
Mandi Hogan (303) 913-4721
LTC Properties (NYSE:LTC)
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