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Strategies & Market Trends : Dividend investing for retirement -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (7864)	3/2/2011 7:07:40 AM
From: Bocor	Read Replies (1) \| Respond to of 34328

TOLEDO, Ohio--(BUSINESS WIRE)-- Health Care REIT, Inc. (NYSE:HCN - News) today announced the pricing of its concurrent underwritten public offerings of 25.0 million shares of its common stock at $49.25 per share and $625 million (12.5 million shares) of 6.5% cumulative convertible perpetual preferred stock. The shares of preferred stock have a liquidation value of $50.00 per share. The company has granted the underwriters an option to purchase up to an additional 3.75 million shares of common stock and 1.875 million shares of preferred stock during the next 30 days to cover over-allotments, if any. The company estimates that the gross proceeds from the concurrent offerings will be approximately $1.9 billion (or approximately $2.1 billion if each of the underwriters’ over-allotment options are exercised in full). The company intends to use the net proceeds from these offerings to finance a portion of the purchase price of its previously announced acquisition of substantially all of the real estate assets of privately-owned Genesis HealthCare Corporation for a purchase price of $2.4 billion. If that acquisition is not consummated, the company intends to use the net proceeds from these offerings for general corporate purposes, including investing in health care and senior housing properties and repaying borrowings under the company's unsecured line of credit and other outstanding indebtedness.