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Emeritus Corp Launches Secondary Public Offering

Monday, 11 Mar 2013 04:39pm EDT 

Emeritus Corp announced that it has launched a secondary public offering of common shares pursuant to a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (the SEC) on behalf of certain selling shareholders for the offering of 7,973,600 common shares. Shares are being sold by AREA Property Partners, on behalf of funds they manage, CEO and President, Granger Cobb, funds associated with Directors Daniel Baty and Stan Baty, and by Ray Brandstrom. In addition, the Company will grant the underwriters a 30-day option to purchase up to an additional 1,196,040 common shares. Any proceeds from the exercise of the underwriter`s option will be used for general corporate purposes, which may include repayment of outstanding debt. Goldman, Sachs & Co. will act as sole manager for the offering. The offering will be made only by means of a prospectus supplement and accompanying prospectus. 

Company Quote

-0.1 -0.30%
2:06pm EDT