HCP To Sell 10 Million Shares (HCP)

Shares of HCP, Inc HCP are falling in the after-hours trade by 3.11%, trading at $35.56, after the company announced that it would be selling 10 millions shares of common stock. Net proceeds from the offering 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. HCP intends to grant the underwriters an option for 30 days to purchase up to 1,500,000 additional shares of common stock. HCP, Inc. is a real estate investment trust. The company invests primarily in real estate serving the healthcare industry in the United States. HCP acquires, develops, leases, disposes and manages healthcare real estate and provide financing to healthcare providers. HCP's portfolio comprises investments in the five healthcare segments: senior housing, life science, medical office, hospital, and skilled nursing.