By Paul A. Harris
St. Louis, Sept. 9 - Health Care REIT priced an upsized $175 million issue of series F cumulative perpetual preferred shares (Ba1/BB+) to yield 7 5/8% on Thursday, according to a market source.
Price talk on the $25.00 shares was 7 5/8% to 7¾%, having been revised from the 7¾% area.
UBS Investment Bank had the physical books. Deutsche Bank Securities was joint bookrunner. The senior co-managers were Legg Mason, McDonald and Raymond James. The junior co-managers were ABN Amro, Advest, Comerica, JP Morgan, Lehman Brothers, Stifel Nicholas.
The shares will pay on a quarterly basis and will be listed on the New York Stock Exchange.
The Toledo, Ohio-based real estate investment trust invests in long-term care facilities that include skilled nursing and assisted living facilities.
The issue was upsized from $100 million.
| Issuer: | Health Care REIT
|
| Amount: | $175 million
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| Security description: | Series F cumulative preferred shares
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| Physical bookrunner: | UBS Investment Bank
|
| Joint bookrunner: | Deutsche Bank Securities
|
| Senior co-managers: | Legg Mason, McDonald, Raymond James
|
| Junior co-managers: | ABN Amro, Advest, Comerica, JP Morgan, Lehman Brothers, Stifel Nicholas
|
| Yield: | 7 5/8%
|
| Share price: | $25.00
|
| Call protection: | Callable after Sept. 14, 2009
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| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 14
|
| Exchange: | New York Stock Exchange
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price talk: | 7 5/8%-7¾%, revised from 7¾% area
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