Health Care REIT Announces Pricing of 18M Shares of Common Stock at $53.50 Per Share
From Earlier: Health Care REIT (NYSE: HCN) yesterday announced the pricing of its underwritten public offering of 18,000,000 shares of common stock at $53.50 per share. The company has granted the underwriters an option to purchase up to an additional 2,700,000 shares during the next 30 days to cover over-allotments, if any. The company estimates that the gross proceeds from this offering will be approximately $963 million (or approximately $1.1 billion if the underwriters' over-allotment option is exercised in full).
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.
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