HCP to repay $240 million under line of credit with new note proceeds

By Marisa Wong

Madison, Wis., Feb. 24 - HCP, Inc. intends to repay $240 million outstanding under its bank line of credit using proceeds from its new 4.2% senior notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company used the borrowings, along with cash on hand, to repay at maturity its $400 million of 2.7% senior notes due Feb. 1, 2014 and $156 million of 5.7% mortgage debt due Feb. 1, 2014.

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

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