Emeritus Closes Secondary Offering, $60M Debt Reduction

Emeritus Corporation (NYSE: ESC), a national provider of senior livingservices, today announced the closing of its previously announced secondarypublic offering of 7,973,600 shares of Emeritus Corporation (the “Company”)common stock sold by certain selling shareholders, as well as the simultaneousclosing of the issuance and sale of an additional 1,196,040 shares of theCompany's common stock pursuant to the full exercise of the underwriter'sover-allotment option to purchase additional shares. The additional shares ofthe Company's common stock were sold at a price of $27.00 per share, resultingin $31.3 million in proceeds to the Company (after giving effect to theUnderwriter's discount), to be used for general corporate purposes, which mayinclude repayment of outstanding debt.The offering was conducted pursuant to a shelf registration statement on FormS-3 filed on March 11, 2013 with the Securities and Exchange Commission (the“SEC”) on behalf of the Company and the selling shareholders under theoffering. The shelf registration statement relating to these securities waseffective upon filing with the SEC. A copy of the registration statement canbe 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 itsoutstanding unsecured notes payable, which have an average interest rate of8.79%. The payments are expected to be made following mandatory noticeperiods, ranging from 30 to 60 days.