Health Care REIT Inc. (HCN: Quote) said it plans to offer 18.0 million shares, and also intends to grant the underwriters a 30-day option to buy up to an additional 2.7 million shares to cover over-allotments, if any. Moreover, 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, Deutsche Bank Securities and J.P. Morgan would act as joint book-running managers for the offering.
Separately, Health Care REIT announced the completion of $508 million of acquisitions in 2012. These acquisitions are in addition to the company's previously announced transaction with Chartwell Seniors Housing REIT that may close in the second quarter of 2012. In total, the transaction with Chartwell is $925.2 million including Health Care REIT's investment of $503.3 million. Currency references are in US dollars and are based upon an exchange rate of CAD to USD of 1:1 for the Chartwell transaction.
Click here to receive FREE breaking news email alerts for Health Care REIT Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com