American Health Properties Inc. closes sale of 2.5 million-common-share offering.DENVER--(BUSINESS WIRE)--Oct. 23, l995--American Health Properties Inc. (NYSE NYSE See: New York Stock Exchange :AHE) Monday announced the successful closing of a 2.5 million-share common stock offering. Managing underwriters of the offering were Dean Witter Reynolds Dean Witter Reynolds was an American stock brokerage catering to the middle class. In 1997, it merged with the Morgan Stanley Group to form Morgan Stanley Dean Witter. The amalgamated firm is now known as Morgan Stanley. Inc., Alex. Brown & Sons Inc., Goldman, Sachs & Co. and NatWest Securities. The proceeds from the offering of $50.8 million along with the $29.15 million of proceeds from the previously announced sale of a mortgage loan allows the company to pay off all outstanding borrowings under the company's $100 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility and its $24 million bank term loan. Joseph P. Sullivan, president and chief executive officer of the company, stated, "We look forward to utilizing the additional liquidity afforded by these transactions to further diversify our core portfolio of investments." AHE 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 $600,000,000 of investments in health care properties located in 17 states. CONTACT: American Health American Health Inc. is a company that manufactures health supplements. It is located in Holbrook, New York. One of its products is labeled the "Chewable Original Papaya Enzyme" with the attached registered trademark, "The 'After Meal Supplement'". Properties Inc., Denver Joseph P. Sullivan, 303/796-9793 |
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