Business Services Industry
LTC announces $127.7-million REMIC closing
Business Wire, Dec 5, 1994
OXNARD, Calif.--(BUSINESS WIRE)--Dec. 5, 1994--LTC Properties Inc. (NYSE:LTC) Monday announced the completion of a Real Estate Mortgage Investment Conduit (REMIC) of $127.7 million.
A total of approximately $83 million of AAA, AA and A certificates were subsequently sold by LTC at a blended yield of approximately 8.9 percent. LTC has retained all other certificates, totaling $44.7 million. The net proceeds were used to repay outstanding borrowings and to fund existing mortgage loan commitments.
The company is a self-administered real estate investment trust which was organized to invest in long-term care and other health-care related facilities through mortgage loans, facility lease transactions and other investments.
CONTACT: LTC Properties Inc., Oxnard
Andre C. Dimitriadis, 805/981-8660
William McBride III, 805/981-8661
James J. Pieczynski, 805/981-8655
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