LTC To Sell Stock, Adds Credit Line

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Health care real estate investment trust LTC Properties Inc. said it will offer 3.5 million shares of common stock, proceeds of which will be used for acquisitions and to pay down debt. It also announced a new $200 million credit facility.

After the Monday markets closed, the Westlake Village REIT, which invests in nursing homes and other health-care facilities in 30 states, said it also may use proceeds to redeem preferred stock. The company has not priced the offering but if sold at Monday’s closing stock price of $28.63, the sale could raise gross proceeds of more than $100 million.

LTC, which last month reported 34 percent growth in its fourth-quarter earnings on higher rental income, said it also received commitments for a new $200 million four-year unsecured credit facility at the same interest rate as its existing credit agreement.

Shares closed 1 percent higher on the NYSE, and remained unchanged in after-market trading following some movement.

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