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.

The article LTC Properties Floats New Stock Issue originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Wells Fargo. It also owns shares of KeyCorp. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.