Key Developments: HCP Inc (HCP.N)

HCP.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

HCP Inc prices $800 mln of 3.875 pct senior unsecured notes due 2024
Thursday, 7 Aug 2014 04:13pm EDT 

HCP Inc:Prices offering of $800 mln of 3.875 pct senior unsecured notes due 2024.Net proceeds from offering after expenses are about $789.7 mln and will be used together with cash on hand to repay the amount outstanding under HCP's revolving line of credit, which was $300 million as of Aug. 06, 2014.Such borrowings were principally used to (a) fund a portion of the recent acquisitions disclosed in HCP's Quarterly Report for the quarter ended June 30, 2014 and (b) repay an aggregate of $87 mln of HCP's medium-term notes, which matured on June 15, 2014.HCP intends to use remaining net proceeds raised in offering for general corporate purposes.Offering is expected to close on Aug. 14, 2014.Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC are acting as joint book-running managers for offering.  Full Article

HCP Inc increases FY 2014 FFO guidance
Tuesday, 5 Aug 2014 08:00am EDT 

HCP Inc:Increased FY 2014 guidance for FFO to $3.01-$3.07 per share, FFO as adjusted to $2.97-$3.03 per share, and EPS to $2.02-$2.08.FY 2014 FFO per share of $3.02 - Thomson Reuters I/B/E/S.  Full Article

HCP Inc declares quarterly common stock cash dividend
Thursday, 31 Jul 2014 04:05pm EDT 

HCP Inc:Declares quarterly common stock cash dividend of $0.545 per share.Dividend will be paid on Aug. 26, 2014 to stockholders of record as of the close of business on Aug. 11.  Full Article

HCP Inc reaffirms FY 2014 FFO guidance
Tuesday, 6 May 2014 08:00am EDT 

HCP Inc:Expects FY 2014 FFO to range between $2.96 and $3.02 per share and EPS to range between $2.04 and $2.10 per share.FY 2014 FFO per share of $3.02 - Thomson Reuters I/B/E/S.  Full Article

HCP declares quarterly cash dividend on common stock
Thursday, 1 May 2014 04:05pm EDT 

HCP Inc:Declares quarterly common stock cash dividend of $0.545 per share.Dividend will be paid on May 27, to stockholders of record as of the close of business on May 12.  Full Article

Brookdale Senior Living and HCP expand relationship by creating $1.2 bln CCRC joint venture
Wednesday, 23 Apr 2014 05:35pm EDT 

Brookdale Senior Living:Says the company and HCP announced an agreement to create a new strategic joint venture that will own and operate entry fee continuing care retirement communities.Says at inception, the joint venture will own 14 CCRC campuses valued at $1.2 billion, with Brookdale continuing to manage these communities.In addition, the companies have agreed to amend leases on 202 HCP-owned senior housing communities currently operated by Emeritus Corporation.Closing of these transactions is conditioned upon the closing of the pending merger between Brookdale and Emeritus.  Full Article

HCP Inc increases credit facility to $2.0 bln
Monday, 31 Mar 2014 04:05pm EDT 

HCP Inc:Increased its credit facility by $500 mln to $2.0 bln.Amended facility reduces company's funded interest cost by 17.5 basis points and extends maturity date to March 31, 2018.  Full Article

HCP Inc prices $350 mln of 4.20% senior unsecured notes due 2024
Wednesday, 12 Feb 2014 04:10pm EST 

HCP Inc:Priced an offering of $350 mln of 4.20% senior unsecured notes due 2024.Says the offering size was increased in response to investor demand.Says the price to investors was 99.537 pct of the principal amount of the notes representing a yield-to-maturity of 4.257 pct.Says the net proceeds from the offering after expenses are about $344.9 mln.Says the proceeds will be used to repay $240 mln outstanding under HCP's bank line of credit.Says intends to use the remaining net proceeds raised in this offering for general corporate purposes.Says the offering is expected to close on Feb. 21.Says Goldman, Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.  Full Article

Kindred Healthcare Inc's subsidiaries acquires Real Estate Associated with Two Leased Nursing Centers From HCP
Tuesday, 11 Feb 2014 05:00pm EST 

Kindred Healthcare Inc:Says its subsidiaries have completed the previously announced acquisition of real estate associated with two nursing centers that it currently leases from HCP, Inc.Says the amount paid is about $22 mln.  Full Article

HCP Inc gives FY 2014 FFO guidance below analysts' estimates
Tuesday, 11 Feb 2014 08:00am EST 

HCP Inc:Says FY 2014 guidance, not including the impact of potential future acquisitions, for FFO per share is $2.96 - $3.02; FAD per share is $2.47 - $2.53; and earnings per share is $2.04 - $2.10.FY 2014 FFO of $3.04 - Thomson Reuters I/B/E/S.  Full Article

Fitch Affirms HCP's IDR at 'BBB+'; Outlook Stable

(The following statement was released by the rating agency) NEW YORK, April 07 (Fitch) Fitch Ratings has affirmed the ratings of HCP, Inc. (NYSE: HCP) as follows: --Long-term IDR at 'BBB+'; --Unsecured bank credit facility at 'BBB+'; --Unsecured term loan at 'BBB+'; --Senior unsecured notes at 'BBB+'. The Rating Outlook is Stable. KEY RATING DRIVERS The ratings reflect HCP's credit strengths, namely: the steady and predictable cash flows from a large portfolio of healthcare properties, maint

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