LTC Properties' $50 million convertible perpetual preferred postponed

By Ronda Fears

Nashville, Feb. 6 - LTC Properties Inc. said Friday that its proposed $50 million offering of perpetual convertible preferreds would be postponed "because it appears that at this time the offering could not be completed at the terms initially proposed."

The issue, non-callable for five years, had been talked to yield 7.5% with a 100% initial conversion premium.

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

The deal launched Jan. 29 and was scheduled to price after the market close Wednesday. Attempts to complete the transaction were also made Thursday and Friday, according to syndicate sources.

LTC, a Malibu, Calif., real estate investment trust that invests primarily in long-term care and other health care-related facilities, plans to 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.

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