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LTC Properties (NYSE: LTC) expands credit capacity and fixes $150M at 4.97%

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

LTC Properties, Inc. expanded its main bank credit facility by amending its existing Credit Agreement. The amendment increases total lender commitments from $800 million to $1.1 billion by using the agreement’s incremental facility feature.

The revolving credit commitments within this facility rise from $600 million to $900 million, and the total maximum commitments permitted under the agreement grow from up to $1.2 billion to up to $2.0 billion. Other material terms of the credit agreement remain unchanged.

LTC also entered into three-year interest rate swap agreements that effectively fix the interest rate on $150 million of borrowings under the credit facility at 4.97% per year, providing more predictable borrowing costs on that portion of its debt.

Positive

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Insights

LTC boosts credit capacity to $1.1B and hedges $150M at 4.97%.

LTC Properties used the incremental feature in its syndicated Credit Agreement to lift aggregate commitments from $800 million to $1.1 billion. Revolving commitments increased from $600 million to $900 million, while the permitted maximum facility size rose to as much as $2.0 billion.

The company also executed three-year interest rate swaps to fix the rate on $150 million at 4.97% annually. This reduces exposure to short-term rate movements on that slice of debt, though the overall effect depends on LTC’s future borrowing levels and broader balance-sheet mix.

Because the amendment leaves other material terms unchanged and primarily expands available capacity, it is a structural funding update rather than a direct earnings event. Subsequent filings may detail how much of the enlarged commitments LTC actually draws over time.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Aggregate commitments $1.1 billion Total lender commitments after amendment
Prior aggregate commitments $800 million Total lender commitments before amendment
Revolving credit commitments $900 million Revolving portion after amendment
Prior revolving commitments $600 million Revolving portion before amendment
Maximum commitments permitted $2.0 billion New maximum facility size allowed under agreement
Prior maximum commitments permitted $1.2 billion Previous maximum facility size allowed
Swap notional amount $150 million Borrowings hedged via three-year interest rate swaps
Fixed interest rate 4.97% per annum Rate on $150 million under Credit Agreement via swaps
Second Amendment regulatory
"entered into the Second Amendment (the “Amendment”) to its Credit Agreement"
A second amendment is the second formal change made to a company’s legal agreement or contract—such as a loan, lease, shareholder pact, or merger document—and updates the rules that govern that relationship. For investors, it matters because these changes can alter payment terms, deadlines, rights or protections (like who controls decisions or how much debt a company can take), which can affect a company’s risk, cash flow and value; think of it as the second revised rulebook that stakeholders must follow.
Credit Agreement financial
"Second Amendment (the “Amendment”) to its Credit Agreement dated July 21, 2025"
A credit agreement is a written loan contract between a borrower and a bank or other lender that lays out how much money can be borrowed, the interest rate, repayment schedule, fees, and the rules the borrower must follow. For investors, it matters because those terms affect a company’s cash costs, borrowing flexibility and risk of default — similar to how a mortgage’s rules determine a homeowner’s monthly budget and freedom to make changes.
incremental facility financial
"by exercising the incremental facility in accordance with the terms of the Credit Agreement"
An incremental facility is an added amount of borrowing capacity tacked onto an existing loan or credit line, like opening an extra lane on a highway to handle more traffic without rebuilding the road. It matters to investors because it boosts a company’s short-term cash flexibility and can change its borrowing costs and risk profile—affecting liquidity, interest expense and the likelihood of future equity or debt financing.
revolving credit commitments financial
"expands the aggregate revolving credit commitments from $600 million to $900 million"
interest rate swap agreements financial
"entered into 3-year interest rate swap agreements to effectively fix the interest rate"
A contract where two parties agree to exchange streams of interest payments—typically swapping a fixed-rate payment for a variable-rate payment—without trading the underlying loan. Think of it as two people swapping the type of mortgage they pay so each can better match their budget or risk tolerance. Investors care because swaps change a company’s future cash flows and borrowing cost, affect risk exposure to rate moves, and can materially influence valuation and credit risk.
Sustainability Agent financial
"Royal Bank of Canada, is serving as Sustainability Agent"
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FAQ

What change did LTC (LTC) make to its main credit facility?
LTC Properties increased total commitments under its main Credit Agreement from $800 million to $1.1 billion. This was done via the agreement’s incremental facility feature, expanding the revolving credit portion and overall borrowing capacity while leaving other key terms unchanged.

How much did LTC (LTC) increase its revolving credit commitments?
LTC Properties expanded its revolving credit commitments from $600 million to $900 million. This larger revolving line gives the company more flexibility to fund investments or refinance obligations, without immediately changing the other material terms of the existing Credit Agreement.

What is the new maximum size allowed under LTC’s Credit Agreement?
The total maximum commitments permitted under LTC’s Credit Agreement increased from up to $1.2 billion to up to $2.0 billion. This change raises the ceiling for future expansions of the facility, subject to lender participation and agreement terms outlined in the amended document.

What interest rate swaps did LTC (LTC) enter into with this amendment?
In connection with the amendment, LTC entered into three-year interest rate swap agreements. These swaps effectively fix the interest rate on $150 million of borrowings under the Credit Agreement at 4.97% per year, stabilizing interest costs on that portion of its debt.

Do the amendment and swaps change other terms of LTC’s Credit Agreement?
The amendment primarily increases commitments and maximum capacity, while the company adds swaps on $150 million at 4.97%. The filing states that the material terms of the Credit Agreement otherwise remain unchanged, meaning existing covenants and pricing structures largely continue as before.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report:  June 30, 2026

(Date of earliest event reported)

 

LTC PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

 

Maryland   1-11314   71-0720518
(State or other jurisdiction of   (Commission file number)   (I.R.S. Employer
incorporation or organization)       Identification No)

 

3011 Townsgate Road, Suite 220

Westlake Village, CA 91361

(Address of principal executive offices)

 

(805) 981-8655

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol(s)   Name of each exchange on which registered
Common stock, $.01 par value   LTC   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

Item 1.01. — Material Definitive Agreement

 

Entry into Second Amendment to the Credit Agreement

 

On June 26, 2026, LTC Properties, Inc. (“LTC”) entered into the Second Amendment (the “Amendment”) to its Credit Agreement dated July 21, 2025, as amended by the First Amendment to Credit Agreement dated as of December 12, 2025 (collectively, the “Credit Agreement”), with KeyBank National Association, as Administrative Agent and L/C Issuer, and KeyBank National Association, Wells Fargo Bank, National Association, Citizens Bank, N.A., The Huntington National Bank, Royal Bank of Canada, U.S. Bank National Association, Manufacturers and Traders Trust Company and Hancock Whitney Bank, as Lenders. In addition, KeyBanc Capital Markets, Inc., Wells Fargo Securities, LLC, Citizens Securities, Inc. and The Huntington National Bank, are serving as Joint Lead Arrangers and Joint Book Runners; Wells Fargo Bank, National Association, The Huntington National Bank and Citizens Bank, N.A. are serving as Co-Syndication Agents; Royal Bank of Canada, U.S. Bank National Association and Manufacturers and Traders Trust Company are serving as Co-Documentation Agents; and Royal Bank of Canada, is serving as Sustainability Agent.

 

The Amendment increases the aggregate commitment of the lenders under the Credit Agreement from $800 million to $1.1 billion by exercising the incremental facility in accordance with the terms of the Credit Agreement. The $300 million increase expands the aggregate revolving credit commitments from $600 million to $900 million. The Credit Agreement was also revised to increase the total maximum commitments permitted from up to $1.2 billion to up to $2.0 billion. The material terms of the Credit Agreement otherwise remain unchanged.

 

A copy of the Amendment is filed as Exhibit 10.1 hereto and is hereby incorporated by reference. Annex I to the Amendment included in Exhibit 10.1 constitutes the Credit Agreement as amended by the Amendment, marked to show changes. The above summary of the Amendment and the Credit Agreement, as amended, is qualified in its entirety by reference to such filed exhibit.

 

In connection with entering into the Amendment, LTC entered into 3-year interest rate swap agreements to effectively fix the interest rate on $150 million under the Credit Agreement at 4.97% per annum.

 

Item 2.03. — Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

 

The information set forth under Item 1.01 is hereby incorporated by reference.

 

Item 9.01. — Financial Statements and Exhibits

 

(a)Financial Statements of Business Acquired

 

None.

 

(b)Pro Forma Financial Information

 

None.

 

(d)Exhibits

 

10.1Second Amendment to Credit Agreement dated June 26, 2026

 

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

  LTC PROPERTIES, INC.
   
Dated: June 30, 2026 By: /s/ CAROLINE CHIKHALE
    Caroline Chikhale
    Executive Vice President, Chief Financial Officer and Treasurer

 

 

 

Source: View Original Filing on SEC EDGAR

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