Share Sale Proceeds to Ease Debt for Nationwide Health
<i> Bloomberg News</i>
Nationwide Health Properties Inc. said Tuesday it sold 1.5 million common shares to an institutional investor, resulting in net proceeds to the company of $30 million as its stock trades near a 52-week low.
The real-estate investment trust, which invests in health-care facilities, said it will use the proceeds to pay off debt after the placement is completed Friday. The institutional investor wasn’t identified in a company news release, and company officials couldn’t be reached for comment.
Nationwide Health rose 56 cents to $21.38 a share. On Sept. 1, the shares touched a 52-week low of $19.38 and are down about 16% for the year.
