American Retirement Corporation Announces Proposed Offering of 4.5 Million Shares of Common Stock.NASHVILLE, Tenn.--(BUSINESS WIRE)--July 13, 1998--American Retirement Corp. (NYSE NYSE See: New York Stock Exchange : ACR See riser card. ) today announced the commencement of a public offering of 4,500,000 shares of Common Stock of which 4,290,000 will be offered by the Company and 210,000 will be offered by certain selling shareholders. The offering will be made pursuant to an effective shelf registration statement filed previously with the Securities and Exchange Commission. The underwriters for the proposed offering will be Schroder & Co. Inc. as lead-manager and Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , J.C. Bradford & Co., Jefferies & Company Inc., McDonald & Company Securities Inc., Raymond James  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . & Associates Inc. and SunTrust Equitable Securities as co-managers. It is anticipated that the underwriters will be granted an over-allotment option to purchase up to 675,000 additional shares of Common Stock of which 540,000 will be offered by the Company and 135,000 will be offered by certain selling shareholders. The offering is expected to be priced at the end of this month. The Company intends to use 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). from the offering to fund possible future acquisitions of senior living communities and businesses engaged in activities that are complementary to the Company's business, for the development and construction of additional senior living communities and expansions at the Company's existing communities and for general corporate purposes, including working capital and for the possible future repayment of indebtedness. American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors, including independent living, assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. , skilled nursing, and home health care services. The offering of these securities will be made only by means of a prospectus. This communication shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the laws of any such state. A prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the offering may be obtained from Schroder & Co. Inc., 787 Seventh Avenue, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10019.
CONTACT: American Retirement Corp., Nashville
Bill Sheriff, 615/221-2259
or
George Hicks, 615/221-2260
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