IRVINE, Calif., Sept. 29, 2014 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra") (Nasdaq: SBRA ) today announced the pricing of an underwritten public offering of 6,000,000 shares of its common stock at a price to the public of $24.25 per share. Sabra has granted the underwriters a 30-day option to purchase up to 900,000 additional shares of its common stock. Sabra expects to receive net proceeds, after deducting the underwriting discount and Sabra's estimated offering expenses, of approximately $138.9 million from the offering, or $159.9 million if the underwriters exercise their option to purchase additional shares in full. Sabra expects to issue and deliver the shares of its common stock on or about October 3, 2014, subject to customary closing conditions.
Sabra intends to use the net proceeds from the offering to repay borrowings outstanding under the second amended and restated revolving credit facility (the "Revolving Credit Facility") of Sabra Health Care Limited Partnership (the "Operating Partnership"), of which Sabra is the sole general partner. On September 24, 2014, the Operating Partnership borrowed $560.0 million under the Revolving Credit Facility to fund the acquisition of 21 independent living facilities from affiliates of Holiday Acquisition Holdings Corp. and to provide Sabra with additional working capital.
BofA Merrill Lynch, Barclays, RBC Capital Markets and Raymond James are acting as joint book-running managers for this offering. Oppenheimer & Co., J.P. Morgan and SunTrust Robinson Humphrey are acting as co-managers.
The offering is being conducted pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. 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. The offering of these securities is being made solely by means of a prospectus supplement and the accompanying prospectus.
Copies of the prospectus supplement and accompanying prospectus can be obtained by written request to: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or by e-mail at dg.prospectus_requests@baml.com ; Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by e-mail, at Barclaysprospectus@broadridge.com or by calling 1-888-603-5847; RBC Capital Markets, LLC, 3 World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; Attention: Equity Syndicate, or by calling 1-877-822-4089 or by e-mail at equityprospectus@rbccm.com ; or Raymond James & Associates, Inc., Attention: Syndicate Department, 880 Carillon Parkway, St. Petersburg, FL 33716, or by calling 1-800-248-8863 or by e-mail at prospectus@raymondjames.com .
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