Senior Housing to sell shares to raise money

Senior Housing Properties Trust plans to sell a 6 percent stake in itself to raise enough cash to pay off some debt and finance deals to buy new properties, the Newton real estate investment fund said today.

It filed a prospectus proposing a sale of 5 million shares. The underwriters will be granted the option to buy up to 750,000 additional shares.

Senior Housing Properties Trust expects to raise $116.8 million if the options are exercised and use the proceeds to repay $61 million in debt under a credit line.

It also expects to use some of the proceeds to finance deals, reached in the past few months, to buy 16 senior homes for $197.6 million and lease them to Five Star.

Senior Housing owns 210 senior homes and aged-living facilities in 32 states.
(AP)