HCP Prices $350 Million of 4.20% Senior Unsecured Notes Due 2024
February 12 2014 - 4:10PM
Business Wire
HCP, Inc. (NYSE:HCP) today priced an offering of $350 million of
4.20% senior unsecured notes due 2024. The offering size was
increased in response to investor demand. The price to investors
was 99.537% of the principal amount of the notes representing a
yield-to-maturity of 4.257%.
The net proceeds from the offering after expenses are
approximately $344.9 million and will be used to repay $240 million
outstanding under HCP's bank line of credit, which borrowings were
used, along with cash on hand, to repay at maturity (i) $400
million aggregate principal amount of HCP's 2.70% Senior Notes due
February 1, 2014 and (ii) $156 million aggregate principal amount
of 5.70% mortgage debt due February 1, 2014. HCP intends to use the
remaining net proceeds raised in this offering for general
corporate purposes.
The offering is expected to close on February 21, 2014, subject
to customary closing conditions.
Goldman, Sachs & Co., J.P. Morgan Securities LLC and Wells
Fargo Securities, LLC are acting as joint book-running managers for
the offering.
This offering of notes may be made only by means of a prospectus
supplement and a prospectus. A copy of the prospectus supplement
and the prospectus relating to the offering will be filed with the
Securities and Exchange Commission and, when available, can be
obtained from: (i) Goldman, Sachs & Co., Prospectus Department,
200 West Street, New York, NY 10282, telephone: 1-866-471-2526,
facsimile: 212-902-9316 or by emailing:
prospectus-ny@ny.email.gs.com; (ii) J.P. Morgan Securities LLC, 383
Madison Avenue, New York, NY 10179, Attention: Investment Grade
Syndicate Desk, or by calling: 212-834-4533 collect; and (iii)
Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd. NC0675,
Charlotte, NC 28262, Attention: Capital Markets Client Support, or
by calling: 1-800-326-5897.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification thereof under the securities laws of any such state
or jurisdiction.
About HCP
HCP, Inc. is a fully integrated real estate investment trust
(REIT) that invests primarily in real estate serving the healthcare
industry in the United States. HCP's portfolio of assets is
diversified among five distinct sectors: senior housing,
post-acute/skilled nursing, life science, medical office and
hospital. A publicly traded company since 1985, HCP: (i) was the
first healthcare REIT selected to the S&P 500 index; (ii) has
increased its dividend per share for 29 consecutive years; (iii) is
the only REIT included in the S&P 500 Dividend Aristocrats
index; and (iv) is a global leader in sustainability as a member of
the CDP, Dow Jones and FTSE4Good sustainability leadership indices,
and the Global and North American healthcare sector leader for
GRESB.
Forward-looking Statements
The statements contained in this release which are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking
statements. These risks and uncertainties include general economic
conditions and the ability of HCP to complete the offering and
deploy the resulting proceeds as indicated above, including the
risk that the offering described above will not close on the
indicated timetable or at all, and that the proceeds may not be
able to be deployed as so indicated. Some of these risks, and other
risks, are described from time to time in HCP's Securities and
Exchange Commission filings.
HCP, Inc.Timothy M. SchoenExecutive Vice President and Chief
Financial Officer(562) 733-5309
HCP (NYSE:HCP)
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