SNH_logoNewton-based real estate investment trust Senior Housing Properties Trust (SNH) said it is selling 6.5 million shares of common stock.

The company gave no price or exact timing of the sale in a statement issued Monday or in its most recent filing with the Securities and Exchange Commission.

Its shares were down 61-cents, or 2.6 percent, to $22.55 in pre-market trading.

The company owns independent and assisted living communities, nursing homes, rehabilitation hospitals, wellness centers and medical office buildings.

At the pre-market trading price, the sale would raise about $146.3 million. In addition, underwriters have the option to buy another 975,000 shares if demand for the offering is high. That would raise another $21.9 million.

SNH plans to use money from the sale to pay down its revolving credit facility and for other purposes including acquisitions.

The joint book-running managers for the offering are Jefferies & Co. Inc., Citi and UBS Investment Bank, the company said in a statement.

SNH has also priced a public offering of 10 million common shares at a price to the public of $22.50 per share. The settlement of this offering is expected to occur on Friday.

SNH expects to use the proceeds of this offering to repay amounts outstanding under its revolving credit facility and for general business purposes, including funding acquisitions, according to a statement. The underwriters have been granted a 30-day option to purchase up to an additional 1.5 million common shares to cover over-allotments, if any.

The joint book-running managers for this offering are also Jefferies & Co., Citi and UBS Investment Bank.

Senior Housing Properties To Sell 6.5M Shares

by Banker & Tradesman time to read: 1 min
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