HCP Prices Offering of 12 Million Shares at $35.25

HCP HCP announced the pricing of a public offering of 12 million shares of common stock at a price per share of $35.25. The deal was upsized from the originally announced 10 million shares due to strong investor demand. The proceeds from this offering will be approximately $423 million and will be used to repay borrowings under HCP's revolving credit facility, which was drawn upon for various investments, including the recent debt investments in Genesis HealthCare, with the remainder to be used for general corporate purposes.