LTC PROPERTIES INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

Item 1.01. – Material Definitive Agreement

On November 19, 2021, LTC Properties, Inc. (“LTC”) entered into a Third Amended
and Restated unsecured credit agreement (the “Credit Agreement”) to replace
LTC’s previous unsecured credit agreement dated June 27, 2018. The Credit
Agreement decreases the aggregate commitment of the lenders under the prior
agreement to $500 million comprised of a $400 million revolving credit facility
and two $50 million term loans. The Credit Agreement permits LTC to request
increases to the revolving credit facility and term loan commitments under the
Credit Agreement up to a total of $1 billion. The Credit Agreement extends the
maturity of the revolving facility under the Credit Agreement to November 19,
2025, and provides for a one-year extension option for the revolving facility at
LTC’s discretion, subject to customary conditions. The first term loan facility
under the Credit Agreement matures on November 19, 2025 and the second term loan
facility expires on November 19, 2026. As of November 19, 2021, LTC had $59
million outstanding under the unsecured revolving credit facility and $100
million of outstanding term loans with pricing under the new Credit Agreement at
LIBOR plus 115 basis points and a facility fee of 20 basis points.

The following banks are participants in the Credit Agreement: Bank of Montreal,
as Administrative Agent and as Sustainability Agent, BMO Capital Markets Corp.,
KeyBanc Capital Markets, Inc., Wells Fargo Securities LLC and Citizens Bank,
N.A., as Co-Lead Arrangers and Joint Book Runners, KeyBank National Association,
as Syndication Agent, Wells Fargo Bank, National Association and Citizens Bank,
N.A. as Co-Documentation Agents, MUFG Union Bank, N.A. as Senior Managing Agent,
and Bank of Montreal, KeyBank National Association, Wells Fargo Bank, National
Association, Citizens Bank, N.A., MUFG Union Bank, N.A., and The Huntington
National Bank, as lenders.

The Credit Agreement includes customary LIBOR replacement terms.

A copy of the Credit Agreement is filed as Exhibit 10.1 hereto, and is hereby
incorporated by reference. The above summary of the Credit Agreement is
qualified in its entirety by reference to such document.

The Credit Agreement contains customary representations, warranties, and
agreements. The representations, warranties, and covenants contained in the
Credit Agreement were made only for purposes of such agreement and as of
specific dates, were solely for the benefit of the parties to the Credit
Agreement, and may be subject to limitations agreed upon by such parties. The
representations, warranties, and covenants in the Credit Agreement should be
read only in conjunction with the other information that LTC makes publicly
available in reports, statements, and other documents filed with the Securities
and Exchange Commission.

In connection with entering into the Credit Agreement, LTC entered into interest
rate swap agreements to effectively fix the interest rate on the two term loans
available under the Credit Agreement at 2.56% and 2.69% per annum for their
respective terms, based upon the Credit Agreement’s stated applicable margins.

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.



   10.1     Credit Agreement dated as of November 19, 2021.

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

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