BUSINESS BRIEF
Health Care REIT says stock price is $62.35
5/29/2014Toledo’s Health Care REIT Inc. on Wednesday announced that the pricing for its upcoming offering of shares of its common stock will be $62.35 a share.
At that price the shares, whose total availability has been increased to 14 million from a previous 12 million, could generate $873 million and possibly $1 billion if the underwriters exercise an option to take 2.1 million shares.
The real estate investment trust has said it intends to use the proceeds from the offering to repay debt and make general corporate expenditures, including investing in extra health care and senior housing properties.
The firm’s stock fell $2.01 a share Wednesday, or about 3.2 percent, to close at $62.35.