We got the news in last week that HCP, inc. (HCP) had set a price for their latest bond offering. The senior notes will carry a 4% coupon and will be due in February of 2022. HCP, formerly known as Health Care Properties due to their large percentage of holdings in this sector, is currently the highest yielding stock on the S&P Dividend Aristrocrats list, sporting 6.4% currently. The Dividend Aristocrats are companies that have paid and increased their dividend amounts for 25 years running. They were added to the Aristocrats list in 2012. The company is a real estate investment trust, and had investors concerned that due to several years of overdistribution, their dividend streak was at risk of coming to an end. This latest refinancing should allow HCP to keep paying and increasing those dividends for at least the next 6 years. I would prefer to see dividends come out of a growing cash flow, but for now this should be a pretty solid holding.