Assisted Living Concepts Inc. Announces Redemption of 7.0 Percent Debentures.PORTLAND, Ore.--(BUSINESS WIRE)--June 22, 1998--Assisted Living Concepts Inc. (AMEX AMEX See: American Stock Exchange :ALF ALF - Algebraic Logic Functional language ), one of the nation's leading providers of 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. , announced that its board of directors has authorized the company to redeem at par plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. on August 3, 1998 all of its 7.0 percent Convertible Subordinated Debentures due 2005. Upon redemption, holders of the Debentures will be entitled to receive $1,000, plus accrued interest of 57 cents from July 31, 1998, the last interest payment date for the Debentures, to August 3, 1998, the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. . ALC (Assembly Language Coding) A generic term for IBM mainframe assembly languages. 1. ALC - Assembly Language Compiler. 2. ALC - Airline Line Control. said that approximately $13.9 million of the 7.0 percent Debentures remain outstanding as of June 16, 1998. The 7.0 percent Debentures are convertible into ALC common stock at $7.50 per share at any time prior to the close of business on August 3, 1998. Because the conversion price is below ALC's current stock price, ALC anticipates that substantially all of the debentures will be converted. Regular, semi-annual interest on the Debentures will be paid on July 31, 1998 to holders of record on July 15, 1998. Accordingly, holders who convert their Debentures on or before July 15, 1998 will not receive such interest payment. The company owns, operates and develops assisted-living residences for older adults who need assistance with the activities of daily living, such as bathing and dressing. In addition to housing, the company provides personal care and support 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 will provide a cost- efficient alternative and an independent lifestyle for individuals who do not require the broader array of medical and health services provided by nursing facilities.
CONTACT: Assisted Living Concepts, Oxnard, Calif.
William McBride III, 503/252-6233
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