LTC Renegotiates $600 Million Credit Facility

LTC Properties Inc. has entered into a new amended unsecured credit agreement to replace its previous unsecured credit agreement from 2014, the company announced Thursday. The Westlake Village real estate investment trust, which invests in nursing homes and similar health care properties, maintained the credit level at $600 million, but the new agreement provides a way to grow the amount available as high as $1 billion. The new agreement also extends the maturity of the credit to 2022. As of June 27, LTC had $59 million outstanding under the unsecured revolving credit facility. Pricing under the new credit agreement is at LIBOR plus 115 basis points and a facility fee of 20 basis points. Banks participating in the credit facility include Bank of Montreal, BMO Capital Markets Corp., KeyBank National Association, KeyBanc Capital Markets Inc. Wells Fargo Bank, Wells Fargo Securities, Royal Bank of Canada, MUFG Union Bank, Citizens Bank, Credit Agricole CIB and Mizuho Bank Ltd. Shares of LTC (LTC) closed Friday down 13 cents, or a fraction of a percent, to $42.74 on the New York Stock Exchange.