Emeritus Corporation ESC, a national provider of senior living
services, today announced the closing of its previously announced secondary
public offering of 7,973,600 shares of Emeritus Corporation (the “Company”)
common stock sold by certain selling shareholders, as well as the simultaneous
closing of the issuance and sale of an additional 1,196,040 shares of the
Company's common stock pursuant to the full exercise of the underwriter's
over-allotment option to purchase additional shares. The additional shares of
the Company's common stock were sold at a price of $27.00 per share, resulting
in $31.3 million in proceeds to the Company (after giving effect to the
Underwriter's discount), to be used for general corporate purposes, which may
include repayment of outstanding debt.
The offering was conducted pursuant to a shelf registration statement on Form
S-3 filed on March 11, 2013 with the Securities and Exchange Commission (the
“SEC”) on behalf of the Company and the selling shareholders under the
offering. The shelf registration statement relating to these securities was
effective upon filing with the SEC. A copy of the registration statement can
be accessed through the SEC's website at www.sec.gov. Goldman, Sachs & Co.
acted as sole manager for the offering.
The Company further announced its intent to prepay $60 million of its
outstanding unsecured notes payable, which have an average interest rate of
8.79%. The payments are expected to be made following mandatory notice
periods, ranging from 30 to 60 days.
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