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Sabra Health Care REIT, Inc. (NASDAQ: SBRA) announced the pricing of an underwritten public offering of 6.8 million shares, with an additional 1.02 million shares option for underwriters. The offering is projected to close on October 15, 2021, aiming for gross proceeds of approximately $98.9 million, potentially $113.8 million if the additional share option is fully exercised. Proceeds will fund a $325 million mortgage loan to Recovery Centers of America and may also repay borrowings on its revolving credit facility.
Positive
Expected gross proceeds of approximately $98.9 million, potentially $113.8 million with full exercise of underwriter options.
Intended use of proceeds includes funding a $325 million mortgage loan and repayment of borrowings, which could strengthen financial position.
Negative
The offering may lead to shareholder dilution, impacting stock value.
Dependence on the successful closing of the offering could introduce financial uncertainty.
IRVINE, Calif.--(BUSINESS WIRE)--
Sabra Health Care REIT, Inc. (“Sabra”) (Nasdaq: SBRA) announced today the pricing of an underwritten public offering of 6.8 million shares of its common stock. Sabra granted the underwriters a 30-day option to purchase up to 1.02 million additional shares of its common stock.
The offering is expected to close on October 15, 2021 subject to customary closing conditions.
Total estimated gross proceeds of the offering are approximately $98.9 million or approximately $113.8 million if the underwriters exercise their option to purchase additional shares in full.
Sabra intends to use the net proceeds from the offering to fund a proposed $325 million mortgage loan to Recovery Centers of America secured by eight inpatient addiction treatment centers or other future investments, or to repay borrowings on its revolving credit facility used to fund such investments, and/or for general corporate purposes. Pending these uses, Sabra may temporarily use proceeds from this offering to repay borrowings outstanding on its revolving credit facility and/or invest in interest-bearing accounts and short-term, interest-bearing securities.
Citigroup, Barclays and Wells Fargo Securities are acting as joint book-running managers for the offering.
The offering was conducted pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The offering was made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus forming a part of that registration statement and the prospectus supplement related to the offering and the other documents that Sabra has filed with the SEC for more complete information about Sabra and this offering. Copies of the prospectus supplement, when available, and accompanying prospectus for the offering may be obtained by written request to: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 800-831-9146; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 888-603-5847, email: Barclaysprospectus@broadridge.com; or Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, by telephone at 800-326-5897, or email a request to cmclientsupport@wellsfargo.com. These documents may also be obtained for free on the SEC’s website located at http://www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of any offer to buy the common stock described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Sabra
Sabra Health Care REIT, Inc., a Maryland corporation, operates as a self-administered, self-managed real estate investment trust (a “REIT”) that, through its subsidiaries, owns and invests in real estate serving the healthcare industry throughout the United States and Canada.
