National Health Investors, Inc. (NYSE: NHI), a healthcare real estate investment trust (REIT) focused in the senior living sector, announced today it is raising $175 million in capital through a public offering of convertible senior notes due in 2021.
NHI, which completed the purchase of 25 Holiday Retirement properties for $491 million in December, has been an active acquirer of senior living properties, specializing in financing healthcare real estate by purchase and leaseback transactions, RIDEA transactions and mortgage loans. Currently, the company is invested in senior living campuses including assisted living, independent living and skilled nursing, among other healthcare property types.
The REIT says it will use the proceeds of the $175 million capital raise to “reduce outstanding amounts under its revolving credit facility and for general working capital purposes.”
In announcing the offering Tuesday, NHI said it expects to grant the underwriters a 30-day option to purchase up to an additional $25 million aggregate principal amount to cover over-allotments, if there are any. At the time of the pricing of the offering, the company will make available the interest rate, conversion rate and additional terms.
Written by Elizabeth Ecker