Health Care REIT Announces Proposed Offering of 18M Shares of Common Stock
Health Care REIT, Inc. (NYSE: HCN) announced today that it intends to offer, subject to market and other conditions, 18,000,000 shares of its common stock. Health Care REIT intends to grant the underwriters a 30-day option to purchase up to an additional 2,700,000 shares of its common stock to cover over-allotments, if any.
The company intends to use the net proceeds from this offering to repay advances under its unsecured lines of credit, to repay other outstanding indebtedness and for general corporate purposes, including investing in health care and seniors housing properties.
BofA Merrill Lynch, Deutsche Bank Securities and J.P. Morgan will act as joint book-running managers for the offering.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.