LTC PropertiesInc. closed the sale of $40.0 million of 3.99% senior unsecured notesdue July 20, 2031.

The notes were sold July 20 to affiliated insurance companyinvestment advisory clients of AIG Asset Management (U.S.) LLC.

According to the company, the notes are subject to covenantsthat are "substantially" similar to the covenants in its existingcredit facility.

LTC aims to use the proceeds to pay down its unsecuredrevolving line of credit and for general corporate purposes.