Published: Thursday, 9\/18\/2014 <\/p>\n
BY JON CHAVEZ BLADE BUSINESS WRITER <\/p>\n
Toledos Health Care REIT Inc. said Wednesday that it has successfully completed a public offering of 17,825,000 shares that, after a sale price of $63.75 per share, raised $1.1 billion. <\/p>\n
The company plans to use the money to repay its primary unsecured credit loans and possibly invest in more health care and seniors housing properties. <\/p>\n
The sale included 2,325,000 shares sold to offerings underwriters. Goldman, Sachs & Co.; RBC Capital Markets, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, J.P. Morgan, and Morgan Stanley assisted Health Care REIT in the offering. <\/p>\n
The Toledo law firm of Shumaker, Loop & Kendrick served as the sole lead counsel in the completion of the public offering. <\/p>\n
Along with a common stock offering in May in which the company sold 16.1 million shares and reaped $1 billion, Health Care REIT has completed the two largest individual overnight marketed common stock offerings by any New York Stock Exchange-listed company thus far in 2014 based on total gross proceeds, the real estate investment trust said. <\/p>\n
Zacks Equity Research said the public offering will reduce Health Care REITs interest expenses and strengthen its liquidity, allowing it to make more strategic investments and add to its portfolio. <\/p>\n
But adding 17.8 million shares will dilute the companys share value, Zacks said. Health Care REIT already had 308.5 million shares outstanding. <\/p>\n
In trading Wednesday, the companys stock fell 10 cents to close at $63.74 a share. The announcement was made after the market closed. <\/p>\n
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Offering assists Health Care REIT<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Published: Thursday, 9\/18\/2014 BY JON CHAVEZ BLADE BUSINESS WRITER Toledos Health Care REIT Inc. said Wednesday that it has successfully completed a public offering of 17,825,000 shares that, after a sale price of $63.75 per share, raised $1.1 billion. The company plans to use the money to repay its primary unsecured credit loans and possibly invest in more health care and seniors housing properties. Continue reading