Bank of America has signed a USD30m commitment amount increase request that will add it to LTC Properties’ three-year unsecured credit agreement dated 17 July 2008.

This additional commitment provides LTC a total availability of USD110m under its unsecured credit agreement.

Bank of America becomes an additional lender under the agreement, which currently has Bank of Montreal, Chicago Branch as the administrative agent, BMO Capital Markets as co-lead arranger and book manager, Key Bank National Association as co-lead arranger and syndication agent, and Raymond James Bank, FSB and Royal Bank of Canada as additional lenders.

The agreement provides a revolving line of credit with no scheduled maturities other than the maturity date of 17 July 2011, and allows LTC to borrow at the same interest rates applicable to borrowings under its prior credit agreement.

As of 17 March 2010, LTC had USD28.5m outstanding under the unsecured credit agreement.

The company is a self-administered real estate investment trust that primarily invests in long-term care and other healthcare related facilities through mortgage loans, facility lease transactions and other investments.