American Retirement Elects to Pay 10% Cash Rate on Series B Notes.Business Editors/Health/Medical Writers NASHVILLE, Tenn.--(BUSINESS WIRE)--April 1, 2003 American Retirement Corporation (NYSE NYSE See: New York Stock Exchange : ACR See riser card. ), a leading national provider of senior living housing and care, today announced that the Company had elected to pay the semi-annual interest payment due April 1, 2003 on its Series B Convertible Senior Subordinated Notes at the full 10% rate in cash and not exercise its option to pay 8% in cash and 2% through the issuance of additional Series B Notes. COMPANY PROFILE American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors. Established in 1978, the Company believes that it is a leader in the management of senior living communities, including independent living communities, continuing care continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement communities, 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. communities, and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. care programs for residents with Alzheimer's and other forms of dementia. The Company currently operates 65 senior living communities in 14 states, with an aggregate unit capacity of approximately 12,900 and resident capacity of approximately 14,400. |
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