Senior Housing Selling Shares (SNH)
Senior Housing Properties Trust (NYSE: SNH) has just announced that it has commenced a proposed secondary public offering of 10,000,000 common shares.
the company expects to use these proceeds to repay debt and for general business purposes, which includes funding acquisitions. It has in fact recently made an acquisition of 48 medical office, clinic and biotech laboratory buildings for $565 Million.
Underwriters will also be granted a 30-day option to purchase up to an additional 1,500,000 shares to cover over allotments.
UBS, Merrill Lynch, and Morgan Stanley are the book-running managers; while co-lead managers are listed as Citi and RBC Capital Markets. The co-managing underwriters for this offering are Robert W. Baird, Janney Montgomery Scott, Keefe Bruyette & Woods, Morgan Keegan, Oppenheimer, and Stifel Nicolaus.
Shares closed down at 1.3% at $21.91 on the day, and shares are indicated down over 1% in after-hours trading.
Jon C. Ogg
June 2, 2008