Preferred Stock Offerings
By Ru Back Packer Staff, updated Sunday, January 28, 9:11 AM
Slide #276. AdCare Health Systems, Inc. — Preferred Stock Offering
||AdCare Health Systems, Inc. (AMEX:ADK)
|Price Per Share:
|Preferred Stock Offering Details:
||AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PA) (the "Company") announced today that it has priced a "best efforts" underwritten public offering of its 10.875% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at a public offering price of $25.00 per share. Gross proceeds to the Company from the offering are expected to be $12,500,000. The closing of the offering is scheduled for October 28, 2013, subject to customary closing conditions. The Company intends to use the net proceeds from the offering to repay certain convertible promissory notes issued by the Company in October 2010 and for general corporate purposes. The Company's currently outstanding Series A Preferred Stock is listed on the NYSE MKT under the symbol "ADK.PRA", and the Company has filed an application to list the shares of the Series A Preferred Stock to be sold in the offering on the NYSE MKT under the same symbol. MLV & Co. LLC is acting as Sole Book-Running Manager for the offering. GVC Capital LLC and Northland Capital Markets are acting as Co-Managers.
AdCare Health Systems, through its subsidiaries, is a self-managed real estate investment company that invests primarily in real estate purposed for long-term care and senior living. Co.'s business primarily consists of leasing and subleasing such facilities to third-party tenants, which operate the facilities. As of Dec 31 2016, Co. owned, leased, or managed for third parties 29 facilities primarily in the Southeast. Co.'s facilities provide a range of healthcare and related services to patients and residents, including skilled nursing and assisted living services, social services, and other rehabilitative and healthcare services for both long-term and short-stay patients and residents.
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