Health Care REIT calls 3% convertibles, triggers conversion option

By Susanna Moon

Chicago, July 17 – Health Care REIT, Inc. said it called its outstanding 3% convertible senior notes due 2029, which triggered the conversion option.

The redemption date will be Aug. 17, and the purchase price will be par plus accrued interest through Aug. 16, according to a company press release.

The outstanding amount of the notes was $22,415,000 as of July 17, which does not include notes turned in for conversion before July 17, the company noted.

Holders may opt to convert the notes beginning July 17, and the conversion option ends at the close of business on Aug. 14.

Upon conversion, the principal amount of the notes will be paid in cash and the conversion value will be paid in shares of common stock based upon the volume-weighted average prices per share of the company’s common stock during the 20-trading-day period following the satisfaction of the conversion procedures, the release noted.

The company’s stock (NYSE: HCN) closed at $67.53 on July 16.

Bank of New York Mellon Trust Co., NA is the paying agent and the conversion agent.

Health Care REIT is a Toledo, Ohio-based real estate investment trust that invests in senior housing and health care real estate.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.