Nationwide to repay line of credit with convertible proceeds

Pittsburgh, June 28 - Nationwide Health Properties Inc. will use the proceeds of its planned offering of $100 million of series B cumulative convertible preferred stock to repay outstanding debt under its unsecured revolving bank line of credit, according to a company news release.

Nationwide will also use proceeds for general corporate purposes.

The company is offering the shares with a liquidation preference of $100 each and has granted the underwriters a $15 million greenshoe, the release said.

Nationwide is a Newport Beach, Calif., real estate investment trust.

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