Welltower steadies after upsized convertible offering prices

Welltower

09/07/2024 14:03

** Welltower's  WELL.N  shares edge down 0.2% to $104.25
premarket after senior housing REIT raises more capital than
targeted
    ** Co early Tues announced pricing of $900 mln 3.125%
exchangeable notes due 2029
    ** Exchange price of $127.91 represents 22.5% premium to
stock's last close
    ** WELL shares on Mon finished down 1.9% after co launched
$750 mln offering to potentially repay/redeem debt, including
its 4% notes due June, 1 2025, and to fund property investments
    ** Stock, which hit intraday record high of $106.50 on Fri,
has gained 15.8% YTD and ~30% over the past 12 months
    ** 12 of 17 analysts rate WELL "strong buy" or "buy", rest
rate "hold"; median PT of $107.50 up from $102 three months ago
- LSEG data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))