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HCP Prices Senior Unsecured Notes Due 2024

February 17, 2014

HCP, Inc. recently priced an offering of $350 million of 4.20 percent senior unsecured notes due 2024.

The offering size was increased in response to investor demand. The price to investors was 99.537 percent of the principal amount of the notes representing a yield-to-maturity of 4.257 percent, the Company noted in a release.

HCP said that the net proceeds from the offering after expenses are approximately $344.9 million and will be used to repay $240 million outstanding under HCP's bank line of credit, which borrowings were used, along with cash on hand, to repay at maturity (i) $400 million aggregate principal amount of HCP's 2.70 percent Senior Notes due February 1, and (ii) $156 million aggregate principal amount of 5.70 percent mortgage debt due February 1. HCP intends to use the remaining net proceeds raised in this offering for general corporate purposes.

The offering is expected to close on February 21, subject to customary closing conditions.

Goldman, Sachs & Co., J.P. Morgan Securities and Wells Fargo Securities are acting as joint book-running managers for the offering.

This offering of notes may be made only by means of a prospectus supplement and a prospectus. A copy of the prospectus supplement and the prospectus relating to the offering will be filed with the Securities and Exchange Commission and, when available, can be obtained from: (i) Goldman, Sachs & Co.

HCP, Inc. is a fully integrated real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry in the United States.

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