LTC Properties issues $75M senior unsecured notes at 3.66% to repay credit line

LTC PROPERTIES INC

$75M senior unsecured notes at 3.66%, avg. life ~10 yrs, mature May 2033.
Proceeds primarily used to pay down existing unsecured revolving credit line; $41M used for YTD investments initially funded by credit line.
YTD invested ~$113M, sold assets with net gain ~$38M generating net proceeds ~$73M.
Amended existing senior unsecured note agreements to conform with credit agreement covenants.
CEO cites strengthening balance sheet by terming out variable-rate debt at an attractive fixed coupon.

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