HCP, Inc. : HCP Completes Repricing and Extension of $1.5 Billion Credit Facility
03/27/2012| 04:10pm US/Eastern
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HCP (NYSE:HCP) announced that it completed an amendment to its existing
$1.5 billion unsecured revolving credit facility. HCP's lenders reduced
the pricing and extended the maturity of the facility one additional
year to March 2016. Based on HCP's current credit ratings, the amended
facility bears interest annually at LIBOR plus 107.5 basis points and
has a facility fee of 17.5 basis points that in the aggregate represent
a 55 basis point reduction to the Company's funded interest cost. Other
terms of the facility were substantially unchanged, including a one-year
extension option at the Company's discretion, and the ability to
increase the commitments by an aggregate amount of up to $500 million,
subject to customary conditions.
About HCP
HCP, Inc. (NYSE:HCP) is a fully integrated real estate investment trust
(REIT) that invests primarily in real estate serving the healthcare
industry in the United States. The Company's portfolio of assets is
diversified among five distinct sectors: senior housing,
post-acute/skilled nursing, life science, medical office and hospitals.
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 27 consecutive years; and (iii) is the only REIT included in
the S&P 500 Dividend Aristocrats index. For more information regarding
HCP, visit the Company's website at http://www.hcpi.com.
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. 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. Schoen
Executive Vice President and Chief
Financial Officer
562-733-5309
© Business Wire 2012
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