NEWPORT BEACH, CA-Turning away from its usual method of raisingcash, locally based Health Care Property Investors Inc. hascompleted a secured debt transaction valued at $83 million for aportfolio of 12 medical office buildings and physician clinics.
Some of the proceeds are being used to reduce the company'srevolving lines of credit. But most will be used to redeem theREIT's remaining $72 million in convertible subordinated notes dueNov. 8, says Kenneth B. Roath, the company's chairman and CEO.
Though the company usually taps the public markets for unsecureddebt, “the very high rates currently available from that marketprompted us to investigate secured financing options for a moreeffective cost of funds,” Roath said in a statement.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
