Business & Finance
Mon, January 31, 2011Sun, January 30, 2011Sat, January 29, 2011Fri, January 28, 2011Thu, January 27, 2011Wed, January 26, 2011Tue, January 25, 2011Mon, January 24, 2011Fri, January 21, 2011Thu, January 20, 2011Wed, January 19, 2011Tue, January 18, 2011HCP Completes $2.4 Billion Senior Unsecured Notes Offering
Published in Business and Finance on Monday, January 24th 2011 at 14:20 GMT by Market Wire
LONG BEACH, Calif.--([ BUSINESS WIRE ])--HCP (NYSE:HCP) successfully completed its $2.4 billion underwritten public offering of senior unsecured notes, which were issued in the following series:
- $400 million of 2.70% notes due 2014 with a yield of 2.734%;
- $500 million of 3.75% notes due 2016 with a yield of 3.838%;
- $1.2 billion of 5.375% notes due 2021 with a yield of 5.443%; and
- $300 million of 6.75% notes due 2041 with a yield of 6.833%.
The notes have a weighted average maturity of 10.3 years and a weighted average yield to maturity of 4.831%. The net proceeds of the offering are approximately $2.37 billion, which will be used to finance a portion of the cash consideration for the previously announced HCR ManorCare acquisition. Additional details related to this offering may be found in the prospectus supplement dated January 19, 2011 and filed with the SEC.
BofA Merrill Lynch, UBS Investment Bank, Wells Fargo Securities, Citi and J.P. Morgan acted as joint book-running managers for the offering.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About HCP
HCP, Inc., an S&P 500 company, is a real estate investment trust (REIT) that, together with its consolidated subsidiaries, invests primarily in real estate serving the healthcare industry in the United States. As of September 30, 2010, HCPa™s portfolio of investments, including properties owned by its unconsolidated joint ventures, consisted of: (i) interests in 670 properties among the following segments: 250 senior housing, 102 life science, 252 medical office, 45 skilled nursing and 21 hospital; and (ii) $2.0 billion of mezzanine and other secured loans.
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 and the ability of HCP to complete the offering and receive the resulting proceeds and consummate the HCR ManorCare acquisition. Some of these risks, and other risks, are described from time to time in HCPa™s Securities and Exchange Commission filings.
