HCP Prices Offering of 30 Million Shares
March 23 2011 - 8:00AM
Business Wire
HCP (NYSE:HCP) announced the pricing of its public offering of
30 million shares of common stock at a price per share of $36.90.
The deal was upsized from the originally announced 24 million
shares due to strong investor demand. The underwriters also have an
option to purchase up to 4.5 million additional shares of common
stock, exercisable within 30 days. The offering is expected to
close on March 28, 2011, subject to customary closing
conditions.
The proceeds from this offering will be approximately $1.107
billion. HCP anticipates that the net proceeds from this offering
will be used to fund a portion of the consideration for the
previously announced HCR ManorCare facilities acquisition,
including $852 million to fund all of the stock portion of the
consideration in cash in lieu of issuing 25.7 million shares of its
common stock to HCR ManorCare. Any additional net proceeds will be
used for general corporate purposes.
BofA Merrill Lynch is acting as sole book-running manager for
this offering.
This offering of shares of HCP common stock may be made only by
means of a prospectus. A copy of the prospectus relating to the
offering will be filed with the Securities and Exchange Commission
and, when available, can be obtained from BofA Merrill Lynch, 4
World Financial Center, New York, New York 10080, Attn: Prospectus
Department or email dg.prospectus_requests@baml.com.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About HCP
HCP, Inc., an S&P 500 company, is a real estate investment
trust (REIT) that, together with its consolidated subsidiaries,
invests primarily in real estate serving the healthcare industry in
the United States. As of December 31, 2010, HCP’s portfolio of
investments, including properties owned by its Investment
Management Platform, consisted of: (i) interests in 672 facilities
among the following segments: 251 senior housing, 102 life science,
253 medical office, 45 post-acute/skilled nursing and 21 hospital;
and (ii) $2.0 billion of mezzanine and other secured loans.
Forward-looking Statements
The statements contained in this release which are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking
statements. These risks and uncertainties include general economic
conditions and the ability of HCP to complete the offering and
receive the resulting proceeds and to consummate the HCR ManorCare
facilities acquisition. Some of these risks, and other risks, are
described from time to time in HCP's Securities and Exchange
Commission filings.
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