Health Care REIT, Inc. (NYSE:HCN) announced earlier this week that it was going to offer 5,000,000 shares of its common stock and subsequently increased that number to 8,000,000 shares of common stock at $40.40 per share. HCN increased the offering due to strong investor demand and the company estimated that it will receive approximately $323.2 million (or approximately $371.7 million if the underwriters’ over-allotment option is exercised in full) and is expected to close on September 4, 2009, subject to customary closing conditions. The company intends to use the net proceeds from this offering to retire approximately $53.1 million of mortgages payable and to invest in additional health care and senior housing properties. Pending such use, the company intends to use the net proceeds to repay borrowings under its unsecured line of credit and other outstanding indebtedness.
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