LTC Properties Inc. (LTC) announced that it priced its underwritten public offering of 3.50 million shares of its common stock at $44.50 per share.
The company said it has granted the underwriters a 30-day option to purchase up to 525,000 additional shares of common stock to cover over-allotments, if any. The Company estimates that the net proceeds from the Offering, after underwriting discounts and commissions and estimated offering expenses, will be approximately $148.9 million or about $171.3 million if the underwriters' over-allotment option is exercised in full.
The company stated that it intends to use the net proceeds from the Offering to pay down amounts outstanding under its unsecured line of credit, to fund acquisitions and the current development pipeline and for general corporate purposes.
The Offering is expected to close on May 8, 2013, subject to customary closing conditions.
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