Sabra Health Care REIT (SBRA) Prices 6.8M Shares Offering

Sabra Health Care REIT, Inc. (Nasdaq: SBRA) announced today the pricing of an underwritten public offering of 6.8 million shares of its common stock. Sabra granted the underwriters a 30-day option to purchase up to 1.02 million additional shares of its common stock.

The offering is expected to close on October 15, 2021 subject to customary closing conditions.

Total estimated gross proceeds of the offering are approximately $98.9 million or approximately $113.8 million if the underwriters exercise their option to purchase additional shares in full.

Sabra intends to use the net proceeds from the offering to fund a proposed $325 million mortgage loan to Recovery Centers of America secured by eight inpatient addiction treatment centers or other future investments, or to repay borrowings on its revolving credit facility used to fund such investments, and/or for general corporate purposes. Pending these uses, Sabra may temporarily use proceeds from this offering to repay borrowings outstanding on its revolving credit facility and/or invest in interest-bearing accounts and short-term, interest-bearing securities.

Citigroup, Barclays and Wells Fargo Securities are acting as joint book-running managers for the offering.

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