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Sabra Health Care repays revolver using proceeds from stock sale
By Jennifer Chiou
New York, Jan. 12 – Sabra Health Care REIT, Inc. announced that it repaid borrowings under its revolving credit facility with partial proceeds from its issue of 4.4 million common shares completed in December.
According to a press release, the stock was issued through the company’s at-the-market common equity offering program and raised net proceeds of $121 million.
“Strong demand under our [at-the-market] program allowed us to lower our leverage more quickly than we had anticipated,” chief executive officer and chairman Rick Matros said in the release.
“Accordingly, we have suspended issuing equity under the [program] until our investment activity warrants re-engaging.”
Sabra Health Care is an Irvine, Calif.-based real estate investment trust that owns and invests in real estate properties for the health care industry.
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