priced its of $500 millionof 5.125% senior notes due 2026.
The company'soperating partnership, Care Capital Properties LP, will issue the bonds at aprice of 100% of the offering's principal amount.
CareCapital Properties LP plans to use the net proceeds to repay all of theindebtedness outstanding under and terminate the $600 million term loan underits credit and guaranty agreement, and repay a portion of the outstandingbalance on its $800 million term loan under its credit and guaranty agreement.
CareCapital Properties Inc. and its general partner, Care Capital Properties GPLLC, will fully and unconditionally guarantee the notes, jointly and severally,on a senior unsecured basis.
Unlessthe operating partnership redeems the bonds before Aug. 15, 2026, the noteswill mature on that date. Interest on the bonds is payablesemiannually in cash in arrears on Feb. 15 and Aug. 15 of each year, beginningFeb. 15, 2017.
Thecompany expects the offering to close on July 14.