American Health Properties, Inc. Commences $100 Million Preferred Stock Offering; Proceeds to be Used for Anticipated Core Group Real Estate Investments.DENVER--(BUSINESS WIRE)--Oct. 20, 1997--American Health Properties, Inc. (NYSE NYSE See: New York Stock Exchange :AHE) commenced marketing of a $100 million perpetual preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. offering under its shelf registration, with the bulk of the proceeds anticipated to be used for Core Group real estate investments. The Company intends to sell 4,000,000 Depositary Shares with a liquidation preference of $25 per share, representing 40,000 shares of Series B Cumulative Redeemable Preferred Stock. Except in certain limited circumstances, the Depositary Shares will not be redeemable for a period of 5 years from the date of original issue. The Company will apply to have the Depositary Shares approved for listing on The New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Managing underwriters for the offering are Goldman, Sachs & Co., BT Alex. Brown, EVEREN Securities, Inc., Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
Although the Company anticipates initially using a small portion of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to repay outstanding borrowings under the Company's bank credit facility, the bulk of the proceeds are anticipated to be used to make additional Core Group real estate investments. The Company has signed letters of intent and is currently negotiating or has under contract investments in a number of seasoned existing medical office buildings and similar facilities, which if closed, would aggregate approximately $130 million of total investment. Each of the proposed investments are part of integrated health care integrated health care, n healthcare services combining the best of conventional and complementary health care. delivery systems and several of the properties are master leased to leading health care providers. Although the Company anticipates closing approximately $100 million of these proposed investments in the fourth quarter of 1997 and the remainder in the first quarter of 1998, there can be no assurance as to the actual timing of such closings or that the proposed investments will ultimately be closed. American Health Properties, Inc. is a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) specializing in quality health care facilities. The Company currently has in excess of $650 million in investments in health care facilities located in 18 states. CONTACT: American Health Properties, Inc. Joseph P. Sullivan, 303/796-9793 Michael J. McGee, 303/796-9793 |
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