LTC Properties calls 8.5% convertible preferreds, some 8% preferreds

By Susanna Moon

Chicago, Aug. 9 - LTC Properties, Inc. said it will call for redemption on Tuesday all 37,816 shares of its 8.5% series E cumulative convertible preferred stock and 2,357,686 shares, or 40%, of its 8% series F cumulative preferred stock.

LTC will pay $25.00 per preferred plus accrued dividends up to the redemption date of Sept. 9, for a total price of $25.4191 for each series E preferred and $25.3889 for each series F preferred.

The conversion price of the series E preferred is $12.50, and each share is convertible into two common shares.

Holders may convert their series E preferreds until the close of business on Aug. 30.

The company's stock price (NYSE: LTC) closed at $24.97 per share on Aug. 6.

LTC said on Aug. 3 that it would use proceeds from a $48.66 million registered direct offering of stock to redeem its series E preferred stock and some of its series F preferred stock.

Based in Malibu, Calif., LTC is a real estate investment trust focused on the purchase of long-term care and other health care facilities.

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