Senior Housing Properties Trust (NYSE:SNH) shares are trading lower with strong volume today following the news late yesterday that it had priced a public offering of 8 million common shares at $21 per share.
The company said it expects to use the proceeds of the offering to repay amounts outstanding under its revolving credit facility, and for general business purposes, including funding acquisitions.
The underwriters have been granted the option to purchase an additional 1.2 million common shares to cover over-allotments.
Senior Housing Properties is a real estate investment trust that owns hospitals, nursing homes and senior living facilities.
Competitors in the space include HCP (NYSE:HCP), Health Care REIT (NYSE:HCN), and LTC Properties (NYSE:LTC).
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