New Issue: HCP sells $800 million 4.25% notes due 2023 at Treasuries plus 165 bps

By Aleesia Forni

Virginia Beach, Nov. 6 - HCP Inc. hit Tuesday's primary with an $800 million issue of 4.25% 10-year senior notes with a spread of Treasuries plus 165 basis points, according to an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.54 to yield 4.307%.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBS Securities Inc., Credit Agricole CIB and RBC Capital Markets were the joint bookrunners.

Proceeds will be used to repay the company's $400 million of 5.65% senior notes due Dec. 15, 2013, with any additional proceeds to repay amounts outstanding under the company's bank line of credit and for general corporate purposes.

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

Issuer:	HCP Inc.
Amount:	$800 million
Description:	Senior notes
Maturity:	Nov. 15, 2023
Bookrunners:	Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBS Securities Inc., Credit Agricole Securities (USA) LLC, RBC Capital Markets LLC
Senior co-managers:	PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
Co-managers:	KeyBanc Capital Markets Inc., Comerica Securities Inc., BNY Mellon Capital Markets LLC, Scotia Capital (USA) Inc., Regions Securities LLC
Coupon:	4.25%
Price:	99.54
Yield:	4.307%
Spread:	Treasuries plus 165 bps
Trade date:	Nov. 5
Settlement date:	Nov. 12
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB+
	Fitch: BBB+
Make-whole call:	Treasuries plus 25 bps

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.