LTC PROPERTIES,INC. (NYSE:LTC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. — Material Definitive Agreement
On June27, 2018, LTC Properties,Inc. (“LTC”) entered into a Second Amended and Restated unsecured credit agreement (“the Credit Agreement”) to replace LTC’s previous unsecured credit agreement dated October14, 2014. The Credit Agreement maintains the $600 million aggregate commitment of the lenders under the prior agreement and provides for the opportunity to increase the commitment size of the Credit Agreement up to a total of $1 billion. The Credit Agreement extends the maturity of the Credit Agreement to June27, 2022 and provides for a one year extension option at LTC’s discretion, subject to customary conditions. Additionally, the Credit Agreement decreases the interest rate margins and converts from the payment of unused commitment fees to a facility fee. As of June27, 2018, LTC had $59 million outstanding under the unsecured revolving credit facility with pricing under the new Credit Agreement at LIBOR plus 115 basis points and a facility fee of 20 basis points.
The following banks are participants in the Credit Agreement: Bank of Montreal, as Administrative Agent, BMO Capital Markets Corp., as Co Lead Arranger and Joint Book Runner, KeyBank National Association, as Syndication Agent, KeyBanc Capital Markets,Inc. as Co-Lead Arranger and Joint Book Runner, Wells Fargo Bank, National Association as Documentation Agent, Wells Fargo Securities LLC as Co-Lead Arranger and Joint Book Runner and Royal Bank of Canada, MUFG Union Bank, N.A., Citizens Bank, N.A, Credit Agricole CIB and Mizuho Bank,Ltd. as lenders.
A copy of the Credit Agreement is filed as Exhibit10.1 hereto, and is hereby incorporated by reference. The above summary of the Credit Agreement is qualified in its entirety by reference to such document.
The Credit Agreement contains customary representations, warranties, and agreements. The representations, warranties, and covenants contained in the Credit Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Credit Agreement, and may be subject to limitations agreed upon by such parties. The representations, warranties, and covenants in the Credit Agreement should be read only in conjunction with the other information that LTC makes publicly available in reports, statements, and other documents filed with the Securities and Exchange Commission.
Item 2.03. — Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth under Item 1.01 is hereby incorporated by reference.
Item 9.01. — Financial Statements and Exhibits
(a)Financial Statements of Business Acquired.
None.
(b)Pro Forma Financial Information
None.
(d)Exhibits.
