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HCP to redeem 7.25%, 7.1% series E, F preferreds for $295.5 million
By Marisa Wong
Madison, Wis., March 22 - HCP, Inc. plans to redeem all 4 million outstanding shares of its 7.25% series E cumulative redeemable preferred stock and all 7.82 million outstanding shares of its 7.1% series F cumulative redeemable preferred stock on April 23, according to a company news release.
The series E and series F preferreds will be redeemed at $25.00 per share, for a total price of $295.5 million, plus accrued interest to the redemption date.
The dividend on each series of preferreds will be paid separately on March 30 to holders of record on March 15, according to the release.
HCP intends to use proceeds from a public offering of common stock to fund the redemption.
The company said the redemption of the preferreds is expected to further improve its investment-grade credit profile, particularly its fixed-charge coverage ratio.
The Long Beach, Calif.-based real estate investment trust invests primarily in real estate for the health care industry.
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