CareTrust REIT dips on $637.5 mln equity offering
BUZZ-CareTrust REIT dips on $637.5 mln equity offering ** Shares of CareTrust REIT CTRE.N down 1% at $38.24 before the bell on Thurs after overnight follow-on priced
** Skilled nursing, senior housing REIT early Thurs announced 17 mln shares for approx $637.5 mln on a forward sale basis
** Offering price equates to $37.50, which represents 2.9% discount to stock's last sale on Weds
** Co enters into 1-yr forward sale agreements with BofA and Morgan Stanley
** Upon settlement of agreements, it intends to use net proceeds for general corp purposes, including potential future acquisitions or investments, or debt repayment
** BofA, Morgan Stanley, JP Morgan and Wells Fargo joint bookrunners for offering
** Dana Point, California-based CTRE has ~257.7 mln shares outstanding
** At Weds close, stock up ~7% YTD vs ~13% advance in S&P 400 Health Care REITs index .SPMDHCRE
** Avg rating of 13 analysts is "buy"; median PT $43.50, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com ))
Recent news on Bank of America
See all newsUS bank overdraft fees jump 9% to four-year high, data shows (updated)
Utility Southern Company bounces after $1.75 bln convertible offering
US bank overdraft fees jump 9% to four-year high, data shows
Utility Southern Company edges down after announcing $1.75 bln mandatory convertible
Brief: Related Ross Names Bank Of America Official Bank Of CityPlace