By Lisa Kerner
Charlotte, N.C., July 20 - LTC Properties, Inc. sold $50 million of 4.8% senior unsecured notes due July 20, 2021 to Prudential Investment Management, Inc. and certain affiliates in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds will be used to pay down LTC's unsecured revolving line of credit.
The notes were sold under the company's amended three-year note agreement with Prudential dated July 14, 2010.
Under the agreement, LTC's maximum total debt is not to exceed 50% of total asset value, and its borrowings are not to exceed 60% of the value of the unencumbered asset pool, as defined in the agreement.
Covenants also limit the company's, and its subsidiaries' abilities, to incur liens, make investments, engage in mergers or consolidations, or sell property, the filing said.
Based in Malibu, Calif., LTC is a real estate investment trust focused on the purchase of long-term care and other health-care facilities.
| Issuer: | LTC Properties, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $50 million
|
| Maturity: | 2021
|
| Coupon: | 4.8%
|
| Announcement date: | July 20
|
| Distribution: | Private placement
|
| Purchaser: | Prudential Investment Management, Inc.
|
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