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HCP skilled-nursing unit prices debt offering, signs $1B term loan

HCPInc.'s Quality Care Properties Inc. priced a $750 million debtoffering and entered into a $1.0 billion first-lien, six-year term loan as partof its planned spinoff.

The skilled-nursing unit's subsidiaries will issue the8.125% senior secured second-lien notes due 2023 to qualified institutionalbuyers, and the offering is anticipated to close on or about Oct. 17.

Quality Care will use the net proceeds from the offering andthe term loan to fund the cash portion of the consideration for properties andassets that will be injected by HCP before the spinoff, which could befinalized during the fourth quarter. HCP, in turn, will use the money for debtrepayment and general corporate purposes.

In addition, the company agreed to a $100 million first-lienrevolving credit facility with a five-year term and an interest rate equal to theLIBOR plus 5.25%. Interest on the term loan, meanwhile, will be based on the LIBORwith a 1% floor.