LTC Properties greenshoe exercised, raising convertibles to $55 million

New York, Sept. 26 - LTC Properties, Inc. said underwriters of its recent offering of $50 million of series E cumulative convertible preferred stock exercised the $5 million over-allotment option in full, raising the size of the deal to $55 million.

The Malibu, Calif. healthcare real estate investment trust originally sold $50 million of the convertibles on Sept. 15 to yield 8.5% with a 9.5% initial conversion premium.

Stifel, Nicolaus & Co., Inc. was lead manager for the off-the-shelf sale. The syndicate also included McDonald Investments Inc. and Harris Nesbitt.

LTC used proceeds along with cash on hand to fully repay its senior secured revolving credit facility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.