Health Care REIT earmarks partial IPO proceeds for facility paydown

By Jennifer Chiou

New York, Feb. 23 – Health Care REIT, Inc. intends to use the net proceeds from its initial public offering of 17 million common shares to repay advances under its primary unsecured credit facility and for general corporate purposes, including investing in health care and seniors’ housing properties, according to a 424B5 filing with the Securities and Exchange Commission.

The company preliminarily assumed a public offering price per share of $78.05, the closing price of its stock on Feb. 20, which would result in net proceeds of about $1.28 billion. This figure would rise to roughly $1.47 billion if the underwriters exercise their option in full.

As of Feb. 20, the company had an outstanding balance of $1.275 billion under its primary credit facility at an average interest rate of 1.22%.

Health Care REIT is a Toledo, Ohio-based real estate investment trust that invests in senior housing and health care real estate.

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