HCN Prices 17M Shares of Common Stock

by Jeff Shaw

TOLEDO, Ohio — Health Care REIT, Inc. (NYSE: HCN) has priced its underwritten public offering of 17 million shares of common stock at $75.50 per share. HCN granted the underwriters an option to purchase up to an additional 2.5 million shares during the next 30 days.

HCN estimates that the gross proceeds from this offering will be approximately $1.3 billion (or approximately $1.5 billion if the underwriters’ option is exercised in full).

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

Goldman, Sachs & Co., Barclays, UBS Investment Bank, Wells Fargo Securities, BofA Merrill Lynch, KeyBank Capital Markets and Morgan Stanley are acting as joint book-running managers for the offering.

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