Health Care REIT, Inc. (NYSE:HCN) announced last week that it has priced $1.4 billion in aggregate principal amount of senior unsecured notes that includes $400 million of 3.625% notes due March 15, 2016 priced to yield 3.705%, $600 million of 5.25% notes due January 15, 2022 priced to yield 5.332%, $400 million of 6.50% notes due March 15, 2041 priced to yield 6.571%. The offering is expected to close on Monday, March 14th.
A portion of the proceeds are expected to be used in the announced acquisition of substantially all of the real estate assets of privately-owned Genesis HealthCare Corporation and to invest in other health care and senior housing properties. If the Genesis HealthCare acquisition is not completed on or prior to August 28, 2011 (subject to extension rights if certain conditions are satisfied), the company will be required to redeem all of the notes at a price equal to 101% of the aggregate principal amount of the notes, together with accrued and unpaid interest up to but excluding the redemption date.
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