Investing

Health Care REIT Raising Cash (HCN, SRZ)

Health Care REIT, Inc. (NYSE:HCN) has filed to sell up to 6,000,000 shares of common stock in a secondary offering.  These shares of common stock to be sold are going to registered under the REIT’s existing shelf registration statement on file with the SEC.  The underwriting syndicate consists of Deutsche Bank, Bank of America, UBS, and Merrill Lynch. The underwriters will receive a 30-day option to purchase up to an additional 900,000 shares to cover over-allotments.

Net proceeds from the offering will be used to invest in additionalsenior housing and health care properties, and the proceeds will beused to repay borrowings under Health Care’s unsecured line of credit.Just yesterday the company announced it would acquire its 90% interestin a venture of 29 properties from Sunrise Senior Living Inc. (NYSE:SRZ) in a deal that would be financed with approximately $365.4 millionin cash, plus a 90% interest in the $309 million of existing debt heldby the venture.

Shares of Health Care REIT closed down over 3% at $50.10 and shares areindicated down over 1% more in after-hours trading.  Its 52-weektrading range is $39.26 to $53.98. 

Jon C. Ogg
September 3, 2008

Want to Retire Early? Start Here (Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.