Chicago, May 18 – LTC Properties, Inc. entered into a note purchase agreement for $75 million of 3.66% senior notes due May 17, 2033, according to a press release.
The notes have scheduled principal payments.
Approximately $41 million of the proceeds are being used for investments that were initially funded through the company’s revolving line of credit under its third amended and restated credit agreement. The remaining proceeds will be used to pay down the revolver.
LTC is a Westlake Village, Calif.-based real estate investment trust focused on the purchase of long-term care and other health-care facilities.
| Issuer: | LTC Properties, Inc.
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| Issue: | Senior notes
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| Amount: | $75 million
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| Maturity: | May 17, 2033
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| Coupon: | 3.66%
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| Announced: | May 18
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| Distribution: | Private placement
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