American Retirement Corporation Files Registration Statement for Offering of $100 Million of Convertible Subordinated Debentures.NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug. 26, 1997--American Retirement Corporation (NYSE NYSE See: New York Stock Exchange :ACR See riser card. ) today announced that it has filed with the Securities and Exchange Commission a registration statement in connection with a proposed public offering by the Company of $100 million of convertible subordinated debentures. The offering is expected to close in mid-September 1997. The managing underwriter Managing underwriter The leading firm in an underwriting group, which originates the deal and acts as an agent for the group. managing underwriter See lead underwriter. for the offering is Schroder & Co. Inc. The Company plans 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 this offering for general corporate purposes, including the development and construction of additional free-standing 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. residences, possible acquisitions of businesses engaged in activities similar or complementary to the Company's business, and the possible prepayment of indebtedness. American Retirement Corporation is a national senior living and health care service company providing a broad range of care and services to the elderly, including independent living, assisted living, skilled nursing, and home health care services. The Company currently operates 22 senior living communities in 12 states with an aggregate capacity of approximately 5,800 residents. The Company currently has under construction or development 27 additional assisted living residences and expansion projects at eight of its owned or leased retirement communities and one of its managed communities, which in aggregate will add additional resident capacity of 3,100. The Company also owns ten home health care agencies and manages five others for third-parties. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or 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 under the securities laws of any such state. A prospectus relating to these securities 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., Brentwood Debbie Elliott, 615/221-2273 |
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