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Thursday, Aug 18, 2022
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HCP to Sell Stock

HCP Inc. on Friday priced a public offering of 13.5 million shares at $33 per share, which the real estate investment trust expects will raise more than $445 million.

The Long Beach REIT, which specializes in senior housing, medical office buildings, hospitals and other healthcare facilities, said it upsized the secondary offering from 12 million shares because of investor demand. The company currently has nearly 294 million shares outstanding, so the offer would result in a 4.6 percent increase.

HCP, which owns or has interests in 677 properties, said proceeds would repay borrowings under its revolving credit facility, part of which had been used to acquire four senior housing facilities.

The underwriter, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities, have the option to purchase about 2 million additional shares within 30 days.

HCP’s shares closed down $1.63, or 4.7 percent, to $32.72 on the New York Stock Exchange.

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