Health Care REIT to Float New Stock Issue

Health Care REIT (NYSE: HCN  ) is preparing to expand its capital base. The company announced it will issue 20 million shares of its common stock in an underwritten public flotation. The price has been pegged at $73.50 per share. Additionally, the underwriters will be granted a 30-day purchase option for up to an additional 3 million shares.

Health Care REIT estimates it could reap gross proceeds of roughly $1.5 billion from the issue, or $1.7 billion, if the underwriters' option is fully exercised. The firm said it plans to use the monies for debt retirement, investments, and "general corporate purposes."

UBS (NYSE: UBS  ) , Barclays (NYSE: BCS  ) , JPMorgan Chase's near-eponymous J.P. Morgan, Royal Bank of Canada's (NYSE: RY  ) Capital Markets arm, and the Securities wings of Wells Fargo and Deutsche Bank (NYSE: DB  ) are the joint book-running managers of the issue.

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