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
Credit card companies are handing out rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
