By Lisa Kerner
Charlotte, N.C., Nov. 20 – LTC Properties, Inc. placed $100 million of 4.26% senior notes due 2028 with affiliated insurance company investment advisory clients of AIG Asset Management (U.S.), LLC.
The company expects to use the proceeds for acquisitions, for investments, to pay down its unsecured revolving line of credit and for general corporate purposes, according to an 8-K filing with the Securities and Exchange Commission.
The notes were sold under LTC’s note purchase and private shelf agreement with AIG dated Aug. 4.
Under the agreement, LTC’s maximum total debt may not exceed 50% of total asset value, and maximum unsecured debt may not exceed 60% of the unencumbered asset value as defined in the agreement.
LTC is a Westlake Village, Calif.-based real estate investment trust focused on the purchase of long-term care and other health-care facilities.
| Issuer: | LTC Properties, Inc.
|
| Issue: | Senior notes
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| Amount: | $100 million
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| Coupon: | 4.26%
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| Maturity: | Nov. 20, 2028
|
| Settlement date: | Nov. 20
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| Purchasers: | Affiliated insurance company investment advisory clients of AIG Asset Management (U.S.), LLC
|
| Distribution: | Private placement
|
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