IRVINE, Calif., July 27, 2011 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra") (Nasdaq:SBRA) today announced the pricing of an underwritten public offering of 10,200,000 shares of its common stock at a price to the public of $14.75 per share. Sabra has granted the underwriters a 30-day option to purchase up to 1,530,000 additional shares of its common stock to cover over-allotments, if any. Sabra expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $141.5 million from the offering, or $162.8 million if the underwriters exercise their over-allotment option in full. The offering is expected to close on August 1, 2011, subject to customary closing conditions.
Sabra intends to use a portion of the proceeds to it from this offering to fund the aggregate purchase price for four skilled nursing facilities—Broadmeadow Healthcare, Capitol Healthcare, Pike Creek Healthcare and Renaissance Healthcare (the "SNF Portfolio"). The remaining proceeds to Sabra, or if the acquisition of the SNF Portfolio is not consummated, all of the proceeds to Sabra from this offering, will be used to fund possible future acquisitions or for general corporate purposes.
A registration statement on Form S-11 relating to these securities has been filed with the U.S. Securities and Exchange Commission and has been declared effective. This press release does not constitute an offer to sell or a solicitation of any offer to buy the shares of Sabra's 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.
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Source: Sabra Health Care REIT, Inc.