LTC Properties Floats New Stock Issue
LTC Properties is tapping the markets for more capital with an underwritten public stock issue. The firm will offer 3.5 million shares of its common stock for $44.50 per share. Additionally, its underwriters have been granted a 30-day purchase option for up to an additional 525,000 shares to cover overallotments, if any.
LTC Properties estimates it will take in net proceeds of roughly $148.9 million, or $171.3 million if the underwriters' option is fully exercised, from the issue. It plans to use the proceeds of the issue to "pay down amounts outstanding under its unsecured line of credit, to fund acquisitions and the current development pipeline and for general corporate purposes."
Wells Fargo's Securities unit, Royal Bank of Canada arm RBC Capital Markets, Bank of Montreal's BMO Capital Markets, and KeyCorp subsidiary KeyBanc Capital Markets are the joint book-running managers of the offering.
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