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Sabra Health Care REIT Inc Announces Pricing of 5,000,000 Shares of 7.125% Series A Cumulative Redeemable Preferred Stock

Thursday, 14 Mar 2013 06:09pm EDT 

Sabra Health Care REIT Inc announced the pricing of an underwritten public offering of 5,000,000 shares, or $125.0 million, of 7.125% Series A Cumulative Redeemable Preferred Stock at a price of $25.00 per share, pursuant to an effective registration statement. The Company granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of its Series A Preferred Stock. The offering of 5,000,000 shares of Series A Preferred Stock is expected to close on March 21, 2013, subject to customary closing conditions. The Company estimates that the net proceeds of the offering, after deducting underwriting discounts and other estimated offering expenses, will be approximately $120.0 million, and approximately $138.2 million if the underwriters exercise their option to purchase additional shares of Series A Preferred Stock. The Company intends to contribute the net proceeds from this offering to its operating partnership subsidiary, Sabra Health Care Limited Partnership, which will in turn apply the proceeds to repay borrowings outstanding on Company's amended secured revolving credit facility. The remaining proceeds to Company will be used to fund possible future acquisitions or for general corporate purposes. Jefferies LLC, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint book-running managers for the offering. Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated acted as co-managers. 

Company Quote

-0.41 -1.44%
25 Jul 2014