LTC Properties $50 million convertible perpetual preferred talked 7.5%, up 100%

By Ronda Fears

Nashville, Jan. 29 - LTC Properties Inc.'s $50 million of perpetual convertible preferreds were talked to yield 7.5% with a 100% initial conversion premium. The issue is scheduled to price Wednesday.

Bookrunner for the deal is Stifel Nicolaus & Co. Inc. Joint lead manager is Friedman Billings Ramsey. Co-managers are McDonald Investments Inc. and Harris Nesbitt Gerard.

The issue will be non-callable for five years.

There is a $7.5 million greenshoe available.

LTC Properties, 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 Properties previously announced the redemption of 1,225,680 shares of the series A preferreds on Dec. 31 with a redemption date of Jan. 30. The company has filed a registration statement for the offering with the Securities and Exchange Commission, but it has not yet become effective.

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