LTC Properties to Sell Stock for Debt Repayment

LTC Properties in Oxnard has arranged for the sale of 1 million shares of common stock at $17.75 per share, a move that will result in net proceeds of about $17.36 million.

The proceeds will be used to repay short-term debt under the company’s revolving lines of credit.

LTC Properties is a real estate trust organized to invest in long-term care and other health-care-related facilities through mortgage loans, facility leases and other transactions.

As of Dec. 31, its portfolio included 248 skilled nursing facilities and 35 assisted living facilities in 32 states.