LTC Properties, Inc. (LTC: Quote) said Monday that it entered into a private placement of 12-year senior unsecured notes in the aggregate amount of $85.8 million to a group of institutional investors.
The Notes bear interest at 5.03%, mature on July 19, 2024 and have scheduled annual principal pay downs of about $17.2 million in years 8 through 12.
The company said it has used a portion of the proceeds to pay down its unsecured revolving line of credit and expects to use the remaining proceeds for general corporate purposes including acquisitions.
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by RTT Staff Writer
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