Assisted Living Concepts, Inc. Announces Proposed Offerings of 3,000,000 Shares of Common Stock and $50,000,000 of Convertible Subordinated Debentures.PORTLAND, Ore.--(BW HealthWire)--Oct. 6, 1997--Assisted Living Concepts, Inc. ("ALC (Assembly Language Coding) A generic term for IBM mainframe assembly languages. 1. ALC - Assembly Language Compiler. 2. ALC - Airline Line Control. ")(AMEX AMEX See: American Stock Exchange :ALF ALF - Algebraic Logic Functional language ) said it filed today with the Securities & Exchange Commission prospectus supplements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a proposed offering of 3,000,000 shares of the Company's common stock and $50 million of convertible subordinated debentures due 2002. The underwriters for the proposed common stock offering include Schroder & Co., Inc. as lead-manager and Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter,
Smith Barney, J.C. Bradford & Co. and Equitable Securities
Corporation as co-managers. The underwriters for the proposed
convertible subordinated debenture offering include Schroder & Co.
Inc. as lead-manager and Morgan Stanley Dean Witter and Smith Barney
Inc. as co-managers. It is anticipated that the underwriters will be
granted an option to purchase up to 450,000 of additional shares of
common stock and $7.5 million of convertible subordinated debentures to
cover over-allotments.
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 these proposed offerings will be used to repay approximately $47 million of debt associated with the Company's owned residences, pay approximately $13 million to consummate the acquisitions of Home and Community Care, Inc. and Carriage House 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. , Inc. and any remaining proceeds will be used for general working capital purposes including the development of additional assisted living residences. The Company owns, leases, operates and develops free standing assisted living residences, primarily in small middle-market rural and suburban communities. The Company has operations in Oregon, Washington, Idaho, Texas, Ohio, New Jersey and Arizona. The Company is currently developing and/or intends to acquire additional residences in Arizona, Indiana, New Jersey and other states. As of August 31, 1997, the Company had 98 operating residences and 41 residences under construction representing a combined total of 5,248 units. In addition to housing, the Company provides personal care, support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services and makes nursing services available according to the individual needs of its residents and as permitted by state regulation. This combination of housing and services, provides a cost efficient alternative and provides an independent lifestyle for the individuals who do not require the broader array of medical and health services health services Managed care The benefits covered under a health contract provided by nursing facilities. The offering of these securities will be made only by means of prospectuses. This communication shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of these 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. CONTACT: Assisted Living Concepts, Inc. William McBride III, 805/485-7622 Keren Brown Wilson, 503/252-6233 |
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