HCP to sell notes in two tranches to fund tender offer, redemption

By Devika Patel

Knoxville, Tenn., June 20 – HCP, Inc. expects to price fixed-rate notes in two tranches, according to a 424B5 filed with the Securities and Exchange Commission.

The notes, due in 2026 and 2029, feature make-whole calls and then par calls.

Mizuho Securities USA Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. are the bookrunners.

Proceeds will be used to finance the company’s planned tender to purchase for cash up to $400 million combined of its 4% notes due 2022 and 4.25% notes due 2023, to redeem a portion of or all of its $800 million 2.625% senior notes due February 2020 and potential acquisitions, development and investment opportunities and other general corporate purposes.

Irvine, Calif.-based HCP is a real estate investment trust that invests primarily in real estate serving the health care industry.

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