CENTENNIAL HEALTHCARE CORPORATION ANNOUNCES INITIAL PUBLIC OFFERING OF COMMON STOCK.ATLANTA--(BUSINESS WIRE)--July 3, 1997--Centennial HealthCare Corporation (Nasdaq/NM:CTEN CTEN Commission to Every Nation CTEN Combined Thermal and Epithermal Neutron CTEN Carboxy-Terminated-Butadiene-Acrylonitrile Rubber ) announced today the initial public offering of 4 million shares of the Company's Common Stock at $16.00 per share. 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). from the offering of approximately $59.5 million will be used to repay the Company's Subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". , redeem the Company's Series E Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and repay a portion of the amounts outstanding under its Senior Credit Facility. Managing underwriters for the offering were Alex. Brown & Sons Incorporated; Donaldson, Lufkin & Jenrette Securities Corporation; Morgan Stanley & Co. Incorporated; and Equitable Securities Corporation. The Common Stock will be traded over-the-counter on the Nasdaq National Market under the symbol "CTEN." Centennial HealthCare Corporation provides a broad range of long-term health care services to meet the medical needs of elderly and post-acute patients. The Company currently operates 84 skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. with 9,049 beds in 19 states and provides comprehensive rehabilitation services and home health care services through its subsidiaries. The Company is headquartered in Atlanta, Georgia. A prospectus may be obtained by contacting one of the representatives of the underwriters, care of Alex. Brown & Sons Incorporated, One South Street, Baltimore, Maryland 21202. CONTACT: Centennial HealthCare Corp., Atlanta Alan C. Dahl, 770/730-1177 |
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