LTC Properties (LTC) Amends Revolving Facility; Increases Borrowing Capacity, Lowers Rates

LTC Properties, Inc. (NYSE: LTC) has completed an amendment to its unsecured revolving credit facility increasing the commitment to $240 million with the ability to increase commitments up to $350 million. Additionally, the Company’s lenders reduced the drawn pricing by 25 basis points, reduced the undrawn pricing by 10 basis points and extended the maturity of the facility one additional year to May 25, 2016. The amendment also provides for a one-year extension option at the Company’s discretion, subject to customary conditions. Based on LTC’s current leverage ratios, the amended facility provides for interest annually at LIBOR plus 125 basis points and an unused commitment fee of 25 basis points. As of May 30, 2012, LTC had $66.0 million outstanding under the unsecured revolving credit facility.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Paul Cappuccio resigns from Rumble board to join Reddit
• Somnigroup names Tyson Hagale president of Leggett & Platt
• Patterson-UTI Energy (PTEN) files mixed shelf