Sabra Health Care REIT Inc. said Wednesday that it was offering 7 million shares of its common stock priced at $28.35 a share.
Irvine-based Sabra owns various types of healthcare real estate, including nursing homes and medical buildings.
The company said in a release that it intended to use a portion of the offering’s net proceeds, which will total $189.9 million or $218.9 million if the offering’s underwriters exercise an option to buy more shares in full, to repay outstanding borrowings on its revolving credit line. Sabra said remaining proceeds would be used to fund possible future deals or for general corporate purposes.
Shares of Sabra closed down 4% to a market value of $1.1 billion.