LONG BEACH, CA-The health care properties REIT initially planned an offering of 12 million shares but increases it to 13.5 million.
By Bob Howard|June 21, 2010 at 04:49 PM
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LONG BEACH, CA-Healthcare properties REIT HCP has priced its new stock offering at $33 per share and has increased the number of shares offered to 13.5 million from the 12 million initially announced. HCP says that it expects to realize proceeds of approximately $445.5 million that will be used to repay borrowings under the company’s revolving line of credit. The revolving credit to be repaid includes borrowings that were applied toward the cash payment of $102 million for the June 1 acquisition of four senior housing facilities and $71 million in aggregate repayments of mortgage debt, with the remainder to be used for general corporate purposes.
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