CareTrust REIT falls after starting share offering
CTRE•CareTrust REIT launched an offering of 17 million shares and expects to enter into forward sale agreements with Bank of America and Morgan Stanley. It intends to use the net proceeds for general corporate purposes, including potential acquisitions or investments, or debt repayment.
1. Share offering launched
CareTrust REIT shares fell 2.2% in post-market trading after the company launched an offering of 17 million shares. It expects to enter into forward sale agreements with Bank of America and Morgan Stanley.
2. Planned use of proceeds
Upon settlement of the agreements, the company intends to use net proceeds for general corporate purposes, including potential future acquisitions or investments, or debt repayment. Bank of America, Morgan Stanley, JPMorgan and Wells Fargo are joint bookrunners. CareTrust REIT had about 257.66 million shares outstanding.
