October 4, 2016
Irvine, CA-based HCP’s wholly-owned subsidiary, Quality Care Properties, Inc., priced a $750-million offering that is expected to close by Oct. 17th. Additionally, QCP agreed to terms on a $1-billion first lien six-year loan, and a $100-million first lien five-year revolving credit facility.
The offering and term loan are related to the planned spin-off of QCP to HCP stockholders, which is expected to be completed in Q4 2016.
The HCP Manorcare portfolio, as well as other skilled nursing facilities will be part of QCP. The public company will focus on post-acute/skilled nursing and memory care/assisted living properties.
The spin-off is expected to improve HCP’s portfolio quality and growth profile in the senior housing, life science and medical office segments. Post spin-off, HCP’s diversified portfolio is expected to consist of more than 850 properties.
For comments, questions or concerns, please contact Dennis Kaiser