Health Care REIT (NYSE:HCN) is going British for its latest round of capital raising. The specialty REIT announced that it is floating 550 million pounds sterling ($659 million) in aggregate principal amount of 4.8% senior unsecured notes. The securities are priced at 98.599% of their face amount.

Health Care REIT said it plans to use the proceeds of the issue to retire debt and for "general corporate purposes." These include property investments and, potentially, the purchase of certain securities.

The London branch of Deutsche Bank, Barclays, Bank of America unit Merrill Lynch, France's Credit Agricole, Royal Bank of Scotland, and Wells Fargo Securities are the joint book-running managers for the offering, which is expected to close on November 20.

At the end of its most recently reported quarter, Health Care REIT had nearly $165 million in cash and cash equivalents, and its senior unsecured notes tally stood at just under $6.4 billion.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Bank of America, Health Care REIT, and Wells Fargo. The Motley Fool owns shares of Bank of America and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.