HCP’s tender for $500 million of 5.375% notes oversubscribed

New York, July 26 – HCP, Inc. said that it received tenders for $592,701,000, or 49.49%, of its $1.2 billion of 5.375% senior notes due 2021 by the early deadline of its offer to buy up to $500 million of the notes.

Because the offer is oversubscribed, notes will be accepted on a pro rata basis, according to a news release.

Pricing was scheduled to be set at 2 p.m. ET on July 26.

HCP announced the offer on July 12.

Pricing will be set using the yield of the bid-side price of the 1.75% U.S. Treasury note due June 30, 2022 plus a fixed spread of 35 basis points at 2 p.m. ET.

The total purchase price will include an early tender premium of $30 for each 1,000 principal amount of notes tendered by 5 p.m. ET on July 25, the early tender date.

Holders also will receive accrued interest up to but excluding the settlement date, which is expected to be July 27 for early tendered notes and Aug. 9 for any remaining tenders.

Notes tendered before the early deadline will be given priority over those tendered afterward, according to a company announcement.

The offer expires at 11:59 p.m. ET on Aug. 8.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the lead dealer manager with Mizuho Securities USA LLC and UBS Securities LLC as the co-dealer managers.

For the purchase offer, contact Global Bondholder Services Corp. (866 470-4500, 212 430-3774 or gbsc-usa.com/HCP/).

HCP is a real estate investment trust for the health care industry and is based in Long Beach, Calif.

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