LTC to sell $50 million perpetual convertible preferreds

New York, Jan. 28 - LTC Properties, Inc. said it plans to sell $50 million of perpetual convertible preferreds.

The offering, series F of cumulative convertible preferred stock, will be registered with the Securities and Exchange Commission and will come to market via Stifel, Nicolaus & Co., Inc. Co-managers will be Friedman Billings Ramsey, McDonald Investments Inc. and Harris Nesbitt Gerard, according to a 424B3 filing with the Securities and Exchange Commission.

The offering will have a $7.5 million greenshoe. The preferreds will be callable after five years.

LTC, a Malibu, Calif. real estate investment trust that invests primarily in long-term care and other health care-related facilities, will use proceeds to redeem its remaining 1,838,520 shares of 9.5% series A preferred stock. LTC previously announced the redemption of 1,225,680 shares of the series A preferreds on Dec. 31, with a redemption date of Jan. 30.

LTC has filed a registration statement for the offering with the SEC but it has not yet become effective.

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