NEWTON, Mass.--(BUSINESS WIRE)--Diversified Healthcare Trust (Nasdaq: DHC) today announced that it has priced an underwritten public offering of $500 million of 4.375% Senior Notes due 2031, guaranteed by certain of DHC’s subsidiaries. The settlement of this offering is expected to occur on February 8, 2021, subject to customary closing conditions.

DHC expects to use the net proceeds from this offering for general business purposes, including to redeem the $300 million principal amounts outstanding of its 6.75% Senior Notes due 2021 on or after June 15, 2021 (when such notes become redeemable without the payment of a premium) and to prepay in full its $200 million term loan.

The joint book-running managers for this offering were Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC, BofA Securities, Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC. The joint lead managers for this offering were BMO Capital Markets Corp., Regions Securities LLC and SMBC Nikko Securities America, Inc. The co-managers for this offering were Samuel A. Ramirez & Company, Inc., FHN Financial Securities Corp., Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc. and UBS Securities LLC.

Diversified Healthcare Trust (Nasdaq: DHC) is a real estate investment trust (REIT) focused on owning high-quality healthcare properties located throughout the United States. As of September 30, 2020, DHC’s $8.2 billion portfolio included 407 properties in 37 states and Washington, D.C., occupied by more than 600 tenants, and totaling approximately 11.6 million square feet of medical office and life science properties and more than 30,000 living units. DHC is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, MA.