Beverly completes sale of Texas nursing facilities.FORT SMITH, Ark.--(BUSINESS WIRE)--June 2, 1997--Beverly Enterprises, Inc. (NYSE NYSE See: New York Stock Exchange :BEV) today announced the completion of the sale of its 49 skilled nursing facilities in Texas to Complete Care Services, L.P. of Horsham, Penn. for $142,500,000 in an all-cash transaction. The 49 Texas facilities, which account for 6,061 beds, generated revenues of approximately $150 million in 1996. These facilities were not strategically located in markets where other Beverly business units are clustered. Beverly said 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). of the sale will total approximately $115,700,000 after taxes and other costs. Such net proceeds will initially be used to reduce debt which should provide Beverly with additional flexibility to make strategic investments or stock repurchases. Beverly Enterprises, Inc. is the leading provider of post-acute healthcare in the United States. It operates 580 skilled nursing and rehabilitation facilities as well as transitional acute care hospitals, institutional and mail-service pharmacies, outpatient therapy clinics, 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. facilities, and hospice and home health agencies. Beverly provides medical cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. through managed care services in a nationwide network spanning 35 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . CONTACT: Beverly Enterprises, Inc., Fort Smith Jim Griffith, 501/484-6912 |
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