NASHVILLE, Tenn., Sept. 9, 2014 /PRNewswire/ -- Brookdale Senior Living Inc. (NYSE: BKD) (the "Company") announced today the pricing of its public offering of 8,955,223 shares of its common stock at a price of $33.50 per share, raising gross proceeds of $300.0 million and net proceeds of approximately $287.1 million, after deducting the underwriting discounts and commissions and estimated offering expenses. The size of the offering has been increased from 8,750,000 shares to 8,955,223 shares. In connection with the offering, the Company has granted the underwriters of the offering an option for 30 days to purchase up to an additional 1,343,283 shares of its common stock. BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers for the offering and CSCA Capital Advisors, LLC and RBC Capital Markets are acting as co-managers for the offering.
Subject to customary conditions, the offering is expected to close on September 12, 2014.
The Company intends to use the net proceeds from the offering to finance the exercise of purchase options on certain communities currently leased by the Company, to repay certain outstanding indebtedness with a weighted average interest rate of 7.3% and for other general corporate purposes, which may include additional debt repayments and the acceleration of capital investments in the Company's communities and corporate infrastructure platform.
The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on June 6, 2014. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Copies of the prospectus supplement and the accompanying prospectus may be obtained from BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attention: Prospectus Department, or by e-mail at dg.prospectus_requests@baml.com; or through Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282 or by emailing prospectus-ny@ny.email.gs.com.
About Brookdale Senior Living
Brookdale Senior Living Inc. is the leading operator of senior living communities throughout the United States. The Company is committed to providing senior living solutions primarily within properties that are designed, purpose-built and operated to provide the highest-quality service, care and living accommodations for residents. Currently Brookdale operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with approximately 1,150 communities in 46 states and the ability to serve over 110,000 residents. Through its ancillary services program, the Company also offers a range of outpatient therapy, home health, personalized living and hospice services. Brookdale's stock is traded on the New York Stock Exchange under the ticker symbol BKD.
Safe Harbor
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements relating to the offering and the intended use of the net proceeds of the offering. Words such as "expect(s)," "intend(s)" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. We can give no assurance that our expectations will be attained. Factors that could cause actual results to differ materially from our expectations include, but are not limited to, the risk that we may not be able to satisfy the conditions and successfully complete the offering; and other risks detailed from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE Brookdale Senior Living Inc.
