LTC Announces $85.8 Million Private Placement Debt Financing

LTC Properties, Inc. LTC announced today that it entered into a private placement of 12-year senior unsecured notes (the “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 approximately $17.2 million in years 8 through 12. The Company 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.