Health Care REIT Prices $988 Mln Stock Offering

(RTTNews) - Health Care REIT, Inc. (HCN) said Friday that it has priced its underwritten public offering of 15.5 milion shares of common stock at $63.75 per share.

The company has granted the underwriters an option to purchase up to an additional 2,325,000 shares during the next 30 days.

HCN estimates that the gross proceeds from this offering will be about $988 million, or about $1.1 billion if the underwriters' option is exercised in full.

HCN plans to use the net proceeds from the offering to repay advances under its primary unsecured credit facility and for general corporate purposes, including investing in health care and seniors housing properties.