Assisted Living Concepts Inc. announces conversion of $6,085,000 in subordinated debentures.PORTLAND, Ore.--(BUSINESS WIRE)--Oct. 18, 1996--Assisted Living Concepts Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :ALF ALF - Algebraic Logic Functional language ) announced the exchange of $6,085,000 of 7 percent convertible subordinated debentures for 405,666 shares of common stock and $425,950 of cash. The company agreed to pay the $425,950, the equivalent of one year of interest in order to forego two years of interest payments as the debentures are not callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. until August of 1998. The company will record the payment as a one-time conversion expense in the third quarter, resulting in a one-time charge of (0.8) per share. This transaction increased the number of shares outstanding from 5,109,584 to 5,515,250. Dr. Keren Brown Wilson, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "ALC (Assembly Language Coding) A generic term for IBM mainframe assembly languages. 1. ALC - Assembly Language Compiler. 2. ALC - Airline Line Control. believes the conversion is a positive move. The transaction reduces the outstanding debt, giving the company additional debt capacity to finance the development and operation of new facilities. The conversion increases the number of shares outstanding, strengthening the shareholder base of the company." CONTACT: Assisted Living Concepts Inc. Keren Brown Wilson/Stephen Gordon 503/252-6233 |
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