07:58 AM EDT, 07/09/2024 (MT Newswires) -- Welltower ( WELL ) said Tuesday it has priced an upsized private placement of $900 million of its 3.125% exchangeable senior notes due July 15, 2029.

The exchange rate will initially equal 7.8177 common shares per $1,000 in principal amount of notes, which is equivalent to an exchange price of about $127.91 per share.

Initial purchasers have been granted an option to purchase an additional $135 million in principal amount of the notes.

The offering, which was upsized from its initial size of $750 million, is expected to close on Thursday.

Net proceeds from the offering are estimated to be about $882.3 million, or about $1.02 billion if the initial purchasers fully exercise their overallotment option.

The company said it plans to use these proceeds for general corporate purposes, which may include debt repayment or redemption and investment in health care, wellness and seniors housing properties.

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