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Fitch rates HCP notes BBB+
Fitch Ratings said it has assigned a BBB+ rating to the $800 million of 3.875% senior unsecured notes due 2024 issued by HCP, Inc.
The notes were priced at 99.63% of par to yield 3.92%, a 150 basis points spread to the benchmark Treasury, the agency said.
Net proceeds from the offering are expected to be used to repay amounts outstanding under the revolving line of credit and for general corporate purposes, which may include the funding of a portion of the $334 million cash contribution for the Brookdale / Emeritus transaction.
The ratings reflect HCP's credit strengths, namely the steady and predictable cash flows from a large portfolio of health care properties, maintenance of leverage and fixed-charge coverage metrics appropriate for the rating category, manageable lease and debt maturity schedules, financial flexibility stemming from a large unencumbered pool and appropriate liquidity. Fitch said.
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