IRVINE, Calif., Oct. 19, 2017 /PRNewswire/ -- HCP (NYSE: HCP)
announced that it has closed on a new $2.0
billion unsecured revolving credit facility. The new
facility reduces the Company's funded interest cost for committed
loans by 5 basis points and has a maturity date of October 19, 2021. Based on the Company's current
senior unsecured long-term debt ratings, the facility bears
interest annually at LIBOR plus 100 basis points and has a facility
fee of 20 basis points. The facility also includes two
6-month extension options at the Company's discretion and the
ability to increase the commitments by an aggregate amount up to
$750 million, in each case, subject
to customary conditions.
"We are extremely pleased with the strong support from our
banking partners with 100% continued participation from our top
tier lenders and commitments from 23 financial institutions
exceeding $3 billion," said
Peter Scott, Executive Vice
President and Chief Financial Officer. "Combined with no
material debt maturities until 2019, this transaction further
enhances our liquidity position and strengthens our balance
sheet."
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 owns a large-scale
portfolio diversified across multiple sectors, led by senior
housing, life science and medical office. Recognized as a
global leader in sustainability, HCP has been a publicly-traded
company since 1985 and was the first healthcare REIT selected to
the S&P 500 index. For more information regarding HCP,
visit www.hcpi.com.
Contact
Andrew Johns
Vice President – Finance and Investor Relations
(949) 407-0400
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SOURCE HCP, Inc.