Health Care REIT to Float New Stock Issue

Health Care REIT (NYSE: HCN  ) is preparing to expand its capital base. The company announced it will issue 20 million shares of its common stock in an underwritten public flotation. The price has been pegged at $73.50 per share. Additionally, the underwriters will be granted a 30-day purchase option for up to an additional 3 million shares.

Health Care REIT estimates it could reap gross proceeds of roughly $1.5 billion from the issue, or $1.7 billion, if the underwriters' option is fully exercised. The firm said it plans to use the monies for debt retirement, investments, and "general corporate purposes."

UBS (NYSE: UBS  ) , Barclays (NYSE: BCS  ) , JPMorgan Chase's near-eponymous J.P. Morgan, Royal Bank of Canada's (NYSE: RY  ) Capital Markets arm, and the Securities wings of Wells Fargo and Deutsche Bank (NYSE: DB  ) are the joint book-running managers of the issue.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2419077, ~/Articles/ArticleHandler.aspx, 8/27/2014 3:16:06 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement