NEW YORK (TheStreet) -- Shares of New Senior Investment (SNR) - Get Report were falling 1.3% to $13.95 on heavy trading volume Wednesday after the REIT priced the 17.5 million shares of common stock in its public offering.
New Senior priced the 17.5 million shares of common stock in its public offering at $13.75 a share. The company granted the underwriters of the offering a 30-day option to buy up to an additional 2.625 million shares at the same price.
The company expects gross proceeds of about $241 million from the offering before the underwriters' option is exercised. New Senior will use the proceeds from the offering to fund pat of its $640 million purchase of a portfolio of independent living senior housing properties, and for general corporate purposes.
About 4.4 million shares of New Senior were traded by 9:46 a.m. Wednesday, above the company's average trading volume of about 405,000 shares a day.