Health Care REIT, Inc. (HCN) said Friday that it has completed its public offering of 13.8 million shares of common stock at a price of $58.75 per share for total gross proceeds of about $811 million.
Total shares sold includes 1.8 million shares sold pursuant to the underwriters' exercise in full of their option to purchase additional shares.
The company plans 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, Morgan Stanley, UBS Investment Bank, Barclays, J.P. Morgan and Wells Fargo Securities acted as joint book-running managers for the offering.
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