American Retirement Corporation Prices Initial Public Offering of 3,125,000 Shares At $14.00 Per Share.NASHVILLE, Tenn.--(BUSINESS WIRE)--May 30, 1997--American Retirement Corporation (NYSE NYSE See: New York Stock Exchange :ACR See riser card. ), a national senior living and health care services company, today announced an initial public offering of 3,125,000 shares of common stock at a price of $14.00 per share, resulting in proceeds to the company of approximately $39.4 million, net of underwriting discounts and commissions and offering expenses. The shares trade 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. under the symbol ACR. NatWest Securities Limited served as lead manager in the offering with Equitable Securities Corporation and McDonald & Company Securities, Inc. as co-managing underwriters in the offering. The company has granted the underwriters a 30-day option to purchase up to 468,750 additional shares to cover over-allotments, if any. The company will use approximately $21.9 million 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). from the offering to repay certain related-party indebtedness. The balance of the net proceeds will be used for working capital purposes, including the development and construction of 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 and possible acquisitions. The company provides a broad range of care and services to the elderly, including independent living, assisted living, skilled nursing, and home health care services. Currently, the company operates 21 senior living communities in 12 states, consisting of 11 owned communities, three leased communities, and seven managed communities, with an aggregate capacity for approximately 5,700 residents. The company also owns and operates eight home health care agencies, has seven communities undergoing expansions, and 21 assisted living residences under development. 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 these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the offering may be obtained from NatWest Securities, 175 Water Street, 29th Floor, 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 10038, (212) 602-4800. CONTACT: George T. Hicks Chief Financial Officer 615/221-2250 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion