Nationwide Health Properties Raises $65 Million From Sale of Debentures

NEWPORT BEACH —  Nationwide Health Properties Inc. said Tuesday that it raised nearly $65 million from the sale of debentures--corporate IOUs--that pay investors a 6.25% interest rate.

The debentures were underwritten by a group of brokerages headed by NatWest Securities Ltd. and co-managed by Alex. Brown & Sons Inc. and A.G. Edwards & Sons Inc.

The notes, with a $1,000 face value, were sold on the New York Stock Exchange. Until the debentures mature on Jan. 1, 1999, they are convertible to nearly two dozen shares of Nationwide Health Properties common stock at a value of $44.83 a share--a total of 1.45 million shares for the 65,000 notes sold.

Nationwide Health Properties is a health-care properties investment trust that has investments in 169 facilities in 29 states. The company said it plans to use the proceeds of the offering--the $65 million in sale revenue minus costs and the underwriters’ commissions--for general purposes, including the repayment of corporate debt.