LTC Properties to do IPO

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LTC Properties is now in the midst of capital building through an underwritten public stock issue. The firm is offering 3.5 million shares of common stock priced at US$44.50 per share.

The sale also includes a thirty day purchase option for its shareholders up to a volume of 525,000 shares to cover oversubscriptions should any happen.

LTC Properties is estimating that the net proceeds for the IPO sale would reach US$148.9 million. It can reach US$171.3 million should the option provided to underwriters are exercised under the condition that the same would be utilized 'to pay down amounts under its secured line of credit, to fund acquisitions and the current development pipeline and for the general corporate purposes.'

The joint book runners for the initial public offer are the securities unit of Wells Fargo Bank, RBC Capital Markets, the securities arm of the Royal Bank of Canada, BMO Capital Markets, the subsidiary of the Bank of Montreal and KeyBanc Capital Markets' subsidiary KeyCorp.

Tags
IPO, Shares, Capital funding

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