The offerings included one that raised $75 million through the sale of three million shares at $25 each, and another that raised $25 million through the sale of one million shares at $25 each.

LTC sold the stock in registered direct placements, meaning shares were sold directly to the purchasers with no underwriter involved, according to attorney John Iino, a partner at the Century City office of Reed Smith, who represented LTC. The buyers included a number of institutional investors and other purchasers, according to LTC. Iino has seen several such deals since the beginning of the year, although he says this is one of the first few he's seen involving California-based companies. Companies seeking to raise capital typically turn to direct placements as a means of selling shares faster and with lower overhead expenses than in public offerings.

LTX says approximately $46.3 million of the net proceeds from the $75-million sale of the three million shares will be used to redeem all of the outstanding shares of its 9.5% Series A Preferred Stock. The remaining proceeds of the $75-million offer and proceeds of the $25-million sale will be used to redeem all of the outstanding shares of the Company's 9% Series B Preferred Stock. Net proceeds remaining after stock redemptions will be used for general corporate purposes.

LTS invests primarily in long-term care and other healthcare-related facilities through mortgage loans, facility lease transactions and other investments.