American Healthcare REIT to raise about $672 million in US IPO
(Reuters) - American Healthcare REIT said on Tuesday it will raise about $672 million in an initial public offering (IPO) in New York and plans to use most of that to pay down debt.
The real estate investment trust said it plans to sell 56 million shares priced at $12 each, the lower end of its targeted range of $12 to $15.
It said it plans to use the net proceeds to repay about $623 million of the amount outstanding under its credit facility.
Based in Irvine, California, the REIT owns a portfolio of several clinical healthcare properties, including medical office buildings, skilled nursing facilities, hospitals and senior housing facilities.
It employs 112 people and had nearly $4.6 billion worth of assets as of Sept. 30.
(Reporting by Devika Nair in Bengaluru; Editing by Savio D'Souza)
