Newport Beach REIT Sells Debt Securities
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Health Care Property Investors Inc. said Wednesday that it has sold $83 million in debt securities for a portfolio of 12 medical office buildings and physician clinics.
The Newport Beach real estate investment trust, which specializes in health care properties, said in a news release that it is using the proceeds from the secured debt financing to reduce debt on its line of credit.
The company also plans to use the proceeds to redeem the remaining $72 million of convertible notes due Nov. 8.
Health Care Property Investors said that short-term borrowings as of Tuesday were about $136 million, leaving nearly $174 million in unused capacity under the company’s revolving lines of credit.
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