IRVINE, Calif., June 20, 2019 /PRNewswire/ -- HCP, Inc.
(NYSE: HCP) (the "Company") announced today that it has priced a
public offering of $650 million
aggregate principal amount of 3.250% senior unsecured notes
due 2026 (the "2026 Notes") and $650
million aggregate principal amount of 3.500% senior
unsecured notes due 2029 (the "2029 Notes" and, together with the
2026 Notes, the "Notes"). The 2026 Notes were priced
at 99.906% of the principal amount and the 2029 Notes were
priced at 99.572% of the principal amount. The offering is
expected to close on July 5, 2019,
subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering to
fund the (i) repurchase of portions of the Company's 4.000% senior
unsecured notes due 2022 and 4.250% senior unsecured notes due 2023
pursuant to the tender offers announced separately today, and (ii)
redemption of all of the Company's $800
million 2.625% senior unsecured notes due February 2020 (the "2020 Notes") prior to their
stated maturity date, and in each case, to pay accrued interest and
related fees, premiums and expenses in connection therewith.
In the event that the tender offers are not consummated or are
not fully subscribed or the Company does not use all remaining net
proceeds for the redemption of all of the 2020 Notes, the Company
intends to use any remaining proceeds to reduce other outstanding
borrowings, fund potential acquisitions, development and investment
opportunities, or for other general corporate purposes.
Mizuho Securities, Credit Suisse, J.P. Morgan, Wells Fargo
Securities, Barclays, Morgan Stanley and Scotiabank are acting as
joint book-running managers for the public offering.
This offering is being made pursuant to an effective shelf
registration statement and prospectus and a related preliminary
prospectus supplement filed with the Securities and Exchange
Commission. Copies of the prospectus supplement and related
prospectus for this offering, when available, can be obtained from:
(i) Mizuho Securities USA LLC at
320 Park Avenue, 12th Floor, New York,
NY 10022, Attn: Debt Capital Markets Syndicate or calling
toll free: 1-866-271-7403; (ii) Credit Suisse Securities
(USA) LLC at Credit Suisse
Prospectus Department, Eleven Madison Avenue, New York, NY 10010 or calling toll free
1-800-221-1037; (iii) J.P. Morgan Securities LLC at 383 Madison
Avenue, New York, NY 10179;
Attention: Investment Grade Syndicate Desk, or by calling:
1-212-834-4533 and (iv) Wells Fargo Securities, LLC at
608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer
Service, or by calling: 1-800-645-3751, or by
emailing:wfscustomerservice@wellsfargo.com.
This press release shall not constitute an offer to sell or the
solicitation of any 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. is a fully integrated real estate investment trust
(REIT) that invests in real estate serving the healthcare industry
in the United States. HCP owns a large-scale portfolio
primarily diversified across life science, medical office and
senior housing. Recognized as a global leader in
sustainability, HCP has been a publicly-traded company since 1985
and was the first healthcare REIT selected to the S&P 500
index.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "believe," "expect," "intend," "project,"
"anticipate," "position," and other similar terms and phrases,
including references to assumptions and forecasts of future
results. Forward-looking statements are not guarantees of
future performance and involve known and unknown risks,
uncertainties and other factors which may cause the actual results
to differ materially from those anticipated at the time the
forward-looking statements are made. These risks include the
risk we may not complete this offering in a timely fashion or at
all, that the proceeds from the offering may not be deployed as
anticipated, and those risks and uncertainties associated with the
Company's business described in its Annual Report on Form 10-K
filed on February 14, 2019, and its
subsequent filings with the Securities and Exchange Commission.
Although the Company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
the Company can give no assurance that the expectations will be
attained or that any deviation will not be material. All
information in this release is as of the date of this release, and
the Company undertakes no obligation to update any forward-looking
statement to conform the statement to actual results or changes in
its expectations, except as required by law.
Contact
Andrew Johns
Vice President – Finance and Investor Relations
(949) 407-0400
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SOURCE HCP, Inc.