Health Care REIT, Inc. : Announces Pricing of 11,000,000 Shares of Common Stock at $50.00 Per Share
11/04/2011| 07:45am US/Eastern
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Health Care REIT, Inc. (NYSE:HCN) today announced the pricing of
its underwritten public offering of 11,000,000 shares of common stock at
$50.00 per share. The offering was increased in size from 10,000,000
shares in response to investor demand. The company has granted the
underwriters an option to purchase up to an additional 1,650,000 shares
during the next 30 days to cover over-allotments, if any. The company
estimates that the gross proceeds from this offering will be
approximately $550.0 million (or approximately $632.5 million if the
underwriters' over-allotment option is exercised in full).
The company intends to use the net proceeds from this offering for
general corporate purposes, including investing in health care and
seniors housing properties and repaying borrowings under the company's
unsecured line of credit and other outstanding indebtedness.
BofA Merrill Lynch, Morgan Stanley and Barclays Capital acted as joint
book-running managers for the offering. Deutsche Bank Securities, J.P.
Morgan, UBS Investment Bank and Wells Fargo Securities acted as co-lead
managers.
The shares of common stock are being offered pursuant to an effective
shelf registration statement that Health Care REIT previously filed with
the U.S. Securities and Exchange Commission. A copy of the prospectus
supplement and accompanying prospectus relating to the offering may be
obtained by contacting BofA Merrill Lynch, 4 World Financial Center, New
York, NY 10080, Attn: Prospectus Department or by email to dg.prospectus_requests@baml.com
or by contacting Morgan Stanley, 180 Varick Street, 2nd
Floor, New York, NY 10014, Attn: Prospectus Department, telephone (866)
718-1649, or by email to prospectus@morganstanley.com.
This press release is not an offer to sell, nor a solicitation of an
offer to buy securities, nor shall there be any sale of these securities
in any state or jurisdiction in which the offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About Health Care REIT, Inc. Health
Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio,
is a real estate investment trust that invests across the full spectrum
of seniors housing and health care real estate. The company also
provides an extensive array of property management and development
services. As of September 30, 2011, the company's broadly diversified
portfolio consisted of 898 properties in 45 states.
This document may contain "forward-looking" statements as defined in
the Private Securities Litigation Reform Act of 1995. When the company
uses words such as "may," "will," "intend," "should," "believe,"
"expect," "anticipate," "project," "estimate" or similar expressions, it
is making forward-looking statements. Forward-looking statements reflect
current plans and expectations and are based on information currently
available. They are not guarantees of future performance and involve
risks and uncertainties, including those discussed in the prospectus
supplement and related prospectus and in the company's other reports
filed from time to time with the Securities and Exchange Commission.
Completion of the proposed offering is subject to various factors,
including, but not limited to, customary closing conditions. The company
assumes no obligation to update or revise any forward-looking statements
or to update the reasons why actual results could differ from those
projected in any forward-looking statements.
Health Care REIT, Inc.
Scott Estes, 419-247-2800
Jay Morgan,
419-247-2800
© Business Wire 2011
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