HCN Completes $1B Public Offering

TOLEDO, OH—Health Care REIT, Inc. just collected about $1 billion from a public offering of 16,100,000 shares. The proceeds were most for any overnight-marketed SEC registered stock offering completed by any company thus far in 2014.

The Toledo, OH-based HCN sold about 16.1 million shares at $62.35 per share. The total includes about 2.1 million shares sold to underwriters exercising their option to purchase additional shares. The company plans to use the net proceeds to repay advances under its primary unsecured credit facility and to make additional investments in health care and seniors housing properties. Company officials were not available for comment by press time.