LIVING CENTERS OF AMERICA SELLS OVER-ALLOTMENT
LIVING CENTERS OF AMERICA SELLS OVER-ALLOTMENT HOUSTON, March 17 /PRNewswire/ -- Living Centers of America has sold
822,180 shares of its common stock at $14.50 (less underwriting discount) to its underwriters led by Merrill Lynch & Co., Donaldson, Lufkin & Jenrette, Goldman, Sachs & Co.; and Kemper Securities Group, Inc., pursuant to an over-allotment option granted in connection with the initial public offering of Living Centers of America's common stock. This increases the number of Living Centers of America issued and outstanding shares of common stock to 9,462,180 shares.
The company intends to use such net proceeds to reduce outstanding borrowings under the company's Bank Credit Facilities, which will reduce the company's long-term debt to 46 percent of total capitalization. Living Centers of America is the fourth largest operator of long- term health care centers in the United States. The company operates 211 long-term care centers and centers for the developmentally disabled with 19,087 beds in nine states: Texas, Colorado, Florida, Oklahoma, Louisiana, Nebraska, Wyoming, Arizona, and Mississippi. The corporate office is located in Houston, Texas. The company has more than 15,000 employees. -0- 3/17/92 /CONTACT: Dorothy M. Wiley of Living Centers of America, 713-578-4650/ CO: Living Centers of America ST: Texas IN: HEA SU: PS -- NY093 -- 8943 03/17/92 17:11 EST
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|Date:||Mar 17, 1992|
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