HCP sets guidance for $600 million 10-year notes at 160 bps area; pricing Thursday

By Aleesia Forni

Virginia Beach, Aug. 7 – HCP Inc. is planning to price a $600 million issue of 10-year senior notes (Baa1/BBB+/BBB+) on Thursday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The notes are guided in the area of 160 basis points over Treasuries.

BofA Merrill Lynch, Barclays, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and UBS Securities LLC are the joint bookrunners.

Proceeds will be used to repay $300 million under the company’s revolving line of credit.

Any remaining proceeds from the offering will be used for general corporate purposes.

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

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