In the News
September 5, 2008
Health Care REIT prices offering, increases available shares
Health Care REIT Inc. said Sept. 4 that it priced its underwritten public offering of 7 million shares of common stock at $48.00 per share.
The company said it increased the offering size from 6 million shares in response to investor demand.
The company has granted the underwriters an option to purchase up to an additional 1.05 million shares during the next 30 days to cover any overallotments.
Health Care REIT estimates that the gross proceeds from the offering will be approximately $336.0 million, or approximately $386.4 million if the underwriters' overallotment option is exercised in full.
The joint book-running managers for the offering are Deutsche Bank Securities Inc., Banc of America Securities LLC, UBS Investment Bank and Merrill Lynch & Co.
The company said it intends to use the net proceeds from the offering to invest in additional health care and senior housing properties. Pending such use, the company intends to use the net proceeds to repay borrowings under its unsecured line of credit.
The offering is expected to close Sept. 10, subject to customary closing conditions.
