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LTC Properties Inc. Message Board

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  • ferdiefor ferdiefor Sep 19, 2000 5:38 PM Flag

    I called LTC and spoke to Amy and the

    If a syndicate of banks has one problem bank and
    they are so disposed the other banks can put this to
    an end right now and ante up for BAC's portion of
    the loan. Buy out BAC if they are not on board with
    BAC.

    I do not believe Amy's oversimplified answer for
    one minute and you should all consider that the other
    banks want what BAC wants and is simply letting BAC
    take the lead as often happens in the these
    syndication agreements.

    It may have started as BAC
    wanting securitization but perhaps what we do not know at
    this point is whether BAC in communicating to the
    other lenders have pointed out the reasons they want
    security. Oh, do you think the other banks are going to be
    subordinated to BAC or are they going to want
    equivalence?

    LTC is not going to file litigation to compel a
    bank to honor terms of a loan agreement that (if you
    read the fine print) is subject to change based upon
    the changing market environment. I have seen
    syndicated loans stopped up at the last minute for reasons
    less compelling than a demand for
    securitization.

    This Amy is in no position to determine if
    dividends would be paid in bankruptcy.

    If this AMY
    person is mentioning BK and the other banks are inclined
    to sign an agreement why would you have to go to BK
    to simply get rid of BAC? Or replace BAC if some
    other bank is willing to do the loan on an unsecured
    basis.... None of this makes any sense.

    The fact of
    the matter is that I was shocked to hear that the LTC
    LC refinance would go thru on an unsecured basis in
    the first place or that the syndicate would not
    demand a secured term loan and force paydown/payoff of
    the LC. What is happening now does not surprise me.
    The reason for this is that I am very certain that HR
    (which is a stronger REIT than LTC) is going to be
    forced into a term loan for a substantial portion of
    their LC when they have to renew next year.

    I
    don't have a dog in this fight but I would be wary of
    what this Amy person is passing along to shareholders
    who call. I think this is the corporate line and
    consistent with their press release but one bank could be
    taken out of this mix easily if the other banks wanted
    to.

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    • i think amy is a secretary there; in any event
      she has no business making the statements she did;
      the first thing that will happen in chapt 11 is the
      dividend will be suspended; eventually, some legal begal
      trustee who could not make it as a lawyer will help both
      sides with a refinancing resolution that will probably
      make everyone wince; if andre really thought he was
      going to get an unsecured 195 mil in this interest
      environment then he really needs to consider becoming an
      occupant of one of his faciities; this stock will survive
      but will be under water for a long time to come; the
      banks will now be partners with andre and boy wont that
      be fun; somewhere down road ltc and all similar
      health care reits will do well; the prolems of the last
      two years are just begining to catch the politicians
      attention; it will only get worse and the screaming will be
      very loud indeed; adios

 
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