LTC Properties Inc. locked rate on $100.0 million of senior unsecured notes with a 3.85% coupon, with sale of the notes expected in October.

The healthcare real estate investment trust said proceeds from the notes, which are due in October 2031 and will have an average life of 10.5 years, will go toward paying down its unsecured revolving line of credit.

The notes are under a private shelf agreement with affiliates and managed accounts of PGIM Inc., the investment management arm of Prudential Financial Inc.