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HCP prices senior unsecured notes.

BANKING AND CREDIT NEWS-June 26, 2019-HCP prices senior unsecured notes


HCP, Inc. (NYSE: HCP) has announced that it has priced a public offering of USD 650 million aggregate principal amount of 3.250% senior unsecured notes due 2026 (the "2026 Notes") and USD 650 million aggregate principal amount of 3.500% senior unsecured notes due 2029 (the "2029 Notes" and, together with the 2026 Notes, the "Notes"), the company said.

The 2026 Notes were priced at 99.906% of the principal amount and the 2029 Notes were priced at 99.572% of the principal amount. The offering is expected to close on July 5, 2019, subject to the satisfaction of customary closing conditions.

The company intends to use the net proceeds from the offering to fund the (i) repurchase of portions of the company's 4.000% senior unsecured notes due 2022 and 4.250% senior unsecured notes due 2023 pursuant to the tender offers announced separately today, and (ii) redemption of all of the company's USD 800 million 2.625% senior unsecured notes due February 2020 (the "2020 Notes") prior to their stated maturity date, and in each case, to pay accrued interest and related fees, premiums and expenses in connection therewith.

Mizuho Securities, Credit Suisse, J.P. Morgan, Wells Fargo Securities, Barclays, Morgan Stanley and Scotiabank are acting as joint book-running managers for the public offering.

HCP, Inc. is a fully integrated real estate investment trust (REIT) that invests in real estate serving the healthcare industry in the United States. HCP owns a large-scale portfolio primarily diversified across life science, medical office and senior housing.

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Publication:M2 Banking & Credit News (BCN)
Date:Jun 26, 2019
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