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HCP Prices Stock Offer At $21.25 Per Share

The Associated Press

LONG BEACH, Calif. (AP) — Real estate investment trust HCP Inc. said Tuesday it priced an offering of 18 million shares of common stock at $21.25 per share.

The offer price represents an 8 percent discount from Monday's closing price of $23.08.

HCP, which invests primarily in real estate serving the healthcare industry, said it will use the roughly $382.5 million in proceeds to repay the remaining debt outstanding on a bridge loan. Additional money from the offer will be used for general corporate purposes.

Underwriters have the option to purchase up to 2.7 million additional shares to cover over allotments.

HCP shares fell 80 cents, or 3.5 percent, to $22.28 in morning trading.