This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Sabra Announces Pricing Of 5,000,000 Shares Of 7.125% Series A Cumulative Redeemable Preferred Stock

IRVINE, Calif., March 14, 2013 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra" or the "Company") (Nasdaq:SBRA) today announced the pricing of an underwritten public offering of 5,000,000 shares, or $125.0 million, of 7.125% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at a price of $25.00 per share, pursuant to an effective registration statement. The Company granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of its Series A Preferred Stock. The offering of 5,000,000 shares of Series A Preferred Stock is expected to close on March 21, 2013, subject to customary closing conditions.

The Company estimates that the net proceeds of the offering, after deducting underwriting discounts and other estimated offering expenses, will be approximately $120.0 million, and approximately $138.2 million if the underwriters exercise their option to purchase additional shares of Series A Preferred Stock. The Company intends to contribute the net proceeds from this offering to its operating partnership subsidiary, Sabra Health Care Limited Partnership, which will in turn apply the proceeds to repay borrowings outstanding on the Company's amended secured revolving credit facility. The remaining proceeds to the Company will be used to fund possible future acquisitions or for general corporate purposes.

Jefferies LLC, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint book-running managers for the offering. Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated acted as co-managers.

Sabra has filed a shelf registration statement on Form S-3 (including a prospectus) relating to the offering described above with the SEC, which registration statement was declared effective on October 31, 2011. Before you invest, you should read the prospectus supplement, the prospectus and the other documents Sabra has filed with the SEC for more complete information about Sabra and this offering. You may obtain copies of these documents for free on the website of the SEC at www.sec.gov or by contacting Jefferies LLC at 520 Madison Avenue New York, New York 10022; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717; Merrill Lynch, Pierce, Fenner & Smith Incorporated at One Bryant Park, New York, New York 10036; Raymond James & Associates at 880 Carillon Parkway, St. Petersburg, Florida 33716; and Stifel, Nicolaus & Company, Incorporated at 501 N. Broadway, St. Louis, Missouri 63102.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities 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 may be made only by means of the prospectus relating to the proposed offering.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,276.15 +143.45 0.79%
S&P 500 2,114.91 +10.41 0.49%
NASDAQ 5,001.2030 +37.6760 0.76%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs