HCP launches $1 billion commercial paper program.
HCP announced today that it has established a $1 billion domestic commercial paper program. Prospective commercial paper borrowings are rated P-2 by Moody's and A-2 by S&P. HCP also said that its $2.5 billion unsecured revolving credit facility will serve as a liquidity backstop to the CP program.
HCP is a diversified $23 billion health care REIT and a member of the S&P 500. HCP joins a number of other large-cap REITs with commercial paper programs including Equity Residential (EQR) and Simon Property Group (SPG).