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LTC Properties Inc. Message Board

  • RaDMGMT RaDMGMT Sep 29, 2000 8:30 AM Flag

    Press Release

    LTC Properties Announces 30-Day Extension of
    Current Bank Credits
    OXNARD, Calif., Sep 29, 2000
    (BUSINESS WIRE) -- LTC Properties Inc. (NYSE: LTC )
    announced today that it had received and accepted from its
    lenders a thirty (30) day extension of LTC's current bank
    credits.

    This extension expires Oct. 31, 2000, and
    the terms and conditions during the extension period
    are identical to the current bank credits.


    LTC also announced that its Administrative Agent bank
    has assured LTC that the nine banks comprising the
    lenders under the current bank credits have agreed to
    recommend to each bank's credit committee acceptance of a
    new four-year, higher interest rate, secured
    amortizing credit, subject to documentation and agreement on
    financial covenants, that will replace the current bank
    credits.

    Additionally, LTC stated that the
    covenants, as proposed, will limit LTC's ability to
    distribute significantly more than its taxable income thus
    creating some uncertainty as to the amount, if any, of a
    fourth quarter 2000 common dividend. This uncertainty is
    further compounded by asset sales that have occurred or
    may occur by year end which may create capital gains
    resulting in additional taxable income.

    Over the
    last several months LTC and the banks have been in
    continuous negotiations regarding this credit renewal. While
    LTC believes they have an agreement in principle with
    the Administrative Agent bank and the other bank
    lenders regarding the terms and conditions of a new
    credit, no assurances can be given that all nine bank
    credit committees will approve the new credit or that a
    final agreement will be reached as the proposed credit
    is documented.

    If LTC is not able to renew
    the bank credits it may be forced to seek the
    remedies previously disclosed.

    This press release
    includes statements that are not purely historical and are
    "forward looking statements" within the meaning of Section
    27A of the Securities Act of 1933, as amended, and
    Section 21E of the Securities Exchange Act of 1934, as
    amended, including statements regarding LTC's
    expectations, beliefs, intentions or strategies regarding the
    future. All statements other than historical facts
    contained in this press release are forward looking
    statements. These forward looking statements involve a number
    of risks and uncertainties. All forward looking
    statements included in this press release are based on
    information available to LTC on the date hereof, and LTC
    assumes no obligation to update such forward looking
    statements. Although LTC's management believes that the
    assumptions and expectations reflected in such forward
    looking statements are reasonable, no assurance can be
    given that such expectations will prove to have been
    correct. The actual results achieved by LTC may differ
    materially from any forward looking statements due to the
    risk and uncertainties of such statements.



    CONTACT: LTC Properties Inc.
    Andre C. Dimitriadis,
    Chairman & CEO
    Wendy L. Simpson, Vice Chairman &
    CFO
    805/981-8655



    Formally wasn't the
    loan unsecured?

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LTC
38.77+0.27(+0.70%)Sep 16 4:05 PMEDT

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