HCP Announces Equity Offering for 13.5 Million Shares

Last week, HCP (NYSE:HCP) announced that it was going to offer 12 million shares for sale and subsequently increased the offering to a total of 13.5 million shares based upon strong investor demand.  The offering was priced last week at $33 per share and HCP’s closing price on Friday afternoon was $32.72 per share.

Net proceeds from the offering will be used to repay borrowings under HCP’s revolving credit facility, including borrowings that were applied toward the cash payment of $102 million for the June 1, 2010 acquisition of four senior housing facilities and $71 million in aggregate repayments of mortgage debt, with the remainder, if any, to be used for general corporate purposes.

For more information, visit the PDF of the HCP prospectus.