On May 30, 2012, LTC Properties Inc. (LTC) announced that it had signed an amendment to its unsecured credit agreement, dated May 25, 2012. The amendment increases the aggregate commitment of the lenders to $240 million and provides for the opportunity to increase the credit amount up to a total of $350 million. The amendment extends the maturity of the credit agreement to May 25, 2016 and provides for a one-year extension option at LTC's discretion, subject to customary conditions. The amendment reduces the pricing grid by 25 basis points for amounts drawn under the credit agreement and reduces the commitment fee by 10 basis points. Based on LTC's current leverage ratios, the amendment provides for interest annually at LIBOR plus 125 basis points and an unused commitment fee of 25 basis points. The amendment also clarifies certain definitions and covenants in the credit agreement and increased LTC's permitted investments in assets under development from 15% to 20% of total asset value and increases the aggregate permitted investments in joint ventures, assets under development, redevelopment assets and certain other assets to 25% of total asset value. The following banks are participants in the credit agreement: Bank of Montreal, Chicago Branch as Administrative Agent, BMO Capital Markets, as Co-Lead Arranger and Joint Book Runner, Key Bank National Association, as Syndication Agent, KeyBanc Capital Markets Inc. as Co-Lead Arranger and Joint Book Runner, Royal Bank of Canada as Co-Documentation Agent, and Wells Fargo Bank, National Association as Co-Documentation Agent.