Key Developments: Five Star Quality Care Inc (FVE)
4.86USD
21 May 2013
$0.07 (+1.46%)
$4.90
$4.78
$4.93
$4.78
596,978
562,514
$6.87
$2.98
Latest Key Developments (Source: Significant Developments)
Five Star Quality Care Inc Extends Existing $35 Million Credit Facility To 2016
Five Star Quality Care Inc announced that it has extended the maturity date of its existing $35 million revolving bank credit facility to March 18, 2016. The existing credit facility was scheduled to expire dfMarch 18, 2013. In addition to extending the expiration date by three years, certain terms of the credit facility were also amended to reflect current market conditions. For example, interest paid on borrowings under the credit facility was reduced from LIBOR (with a floor of 200 basis points) plus 400 basis points to LIBOR (with no floor) plus 250 basis points. The credit facility remains secured by FVE`s accounts receivable and related collateral. Jefferies Finance LLC acts as lender, arranger, administrative agent and collateral agent for the facility. Full Article
Five Star Quality Care Inc Announces Completion Of Pharmacy Sale To Omnicare, Inc
Five Star Quality Care Inc announced that it has completed its previously announced sale of its pharmacy business to Omnicare, Inc. Five Star received $30.5 million in sale proceeds from Omnicare. In addition, Five Star sold to Omnicare, or retained, certain items of net working capital invested in its pharmacy business which, based on June 30, 2012 amounts, is approximately $8.2 million. Accordingly, Five Star currently expects to receive a total of $38.7 million (before transaction costs) in net cash receipts resulting from the sale and to record a capital gain of approximately $23.3 million. The pharmacy business that Five Star sold includes eight licensed pharmacies operating in 13 states that provide institutional pharmacy services to 247 senior living communities with approximately 12,300 living units. Full Article
Five Star Quality Care Inc Announces Agreement to Sell Pharmacy Business
Five Star Quality Care Inc announced that it has entered into an agreement to sell its pharmacy business to Omnicare Inc. for $30.7 million. Five Star anticipates the sale of this business will result in a capital gain to Five Star of approximately $23.5 million. Full Article
Five Star Quality Care, Inc. Announces Underwriters’ Exercise Of Over-Allotment Option
Five Star Quality Care, Inc. announced that the underwriters of its public offering have exercised, in full, their over-allotment option to purchase an additional 1,500,000 common shares. The sale of the additional common shares and the sale of the original public offering of 10,000,000 common shares are expected to close on June 21, 2011. The joint book-running managers for this offering are Jefferies & Company, Inc., Citi and UBS Investment Bank. The co-lead managers for this offering are Morgan Keegan, RBC Capital Markets and Stifel Nicolaus Weisel. Full Article
Five Star Quality Care, Inc. Prices Offering Of 10,000,000 Common Shares
Five Star Quality Care, Inc. announced it priced a public offering of 10,000,000 common shares at a price to the public of $5.00 per share. The settlement of this offering is expected to occur on June 21, 2011. FVE expects to use the proceeds of this offering for general business purposes, including repaying its outstanding bridge loan and for funding in part the cash purchase price of pending acquisitions and other possible future acquisitions. The underwriters have been granted a 30-day option to purchase up to an additional 1,500,000 common shares to cover over-allotments, if any. The joint bookrunning managers for this offering are Jefferies & Company, Inc., Citi and UBS Investment Bank. The joint lead managers for this offering are Morgan Keegan, RBC Capital Markets and Stifel Nicolaus Weisel. The joint managers for this offering are Davenport & Company LLC and JMP Securities. Full Article
Five Star Quality Care, Inc. Announces Proposed Public Offering of 10,000,000 Common Shares
Five Star Quality Care, Inc. announced that it commenced a public offering of 10,000,000 common shares. Five Star Quality Care, Inc. expects to use the proceeds of this offering for general business purposes, including repaying its outstanding bridge loan and for funding in part the cash purchase price of pending acquisitions and other possible future acquisitions. It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 1,500,000 common shares to cover over-allotments, if any. The joint bookrunning managers for this offering are Jefferies & Company, Inc., Citi and UBS Investment Bank. Full Article
Protest votes add to uncertainty in close Italy election
ROME - Italians finish voting in one of the most closely watched and unpredictable elections in years on Monday with a surge in protest votes fuelling concern that the ballot may not produce a government strong enough to pull Italy from its economic slump.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
