Health Care REIT Completes $1.7 Billion Common Stock Offering
Health Care REIT (NYSE: HCN) today announced it has successfully completed its public offering of 29,900,000 shares of common stock at a price of $56.00 per share for total gross proceeds of approximately $1.7 billion. Total shares sold includes 3,900,000 shares sold pursuant to the underwriters' exercise in full of their option to purchase additional shares.
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, J.P. Morgan, Morgan Stanley, Deutsche Bank Securities, KeyBanc Capital Markets and Wells Fargo Securities acted as joint book-running managers for the offering.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.