HCP Inc. set up a commercial paper program under which it may issue unsecured short-term debt securities from time to time, with an outstanding face or principal amount of up to $1.0 billion at a time.
The healthcare real estate investment trust said the notes will have different maturities not exceeding 397 days from the issue date and that amounts available under the program may be borrowed, repaid and re-borrowed from time to time.
The company plans to apply proceeds from any notes issued under the program toward general corporate purposes and expects to use its revolving credit facility as a liquidity backstop for repaying such issued notes.
