Regional Health terminates exchange offer for redeemable preferreds

By Wendy Van Sickle

Columbus, Ohio, July 25 – Regional Health Properties, Inc. terminated its offer to exchange any and all of its outstanding 10.875% series A cumulative redeemable preferred shares for newly issued 12.5% series B cumulative redeemable preferred shares, according to a news release Monday.

The exchange offer was on a one-to-one basis of series A shares for series B shares.

In connection with the offer, the company was also soliciting proxies for use at a special meeting in which its series A preferred shareholders and common stockholders were asked to approve some amendments and related articles of incorporation and related matters. The proposal related to series A and series B preferreds, and an adjournment proposal were approved at an adjourned special meeting at 10 a.m. ET on July 25. A common charter amendment was not approved by holders of the company’s common stock, and therefore none of the proposals were implemented.

The exchange offer was conditional on this approval.

The exchange offer was set to end at 5 p.m. ET on July 25, having been pushed out from 5 p.m. ET on May 31 and previously from March 28.

Morrow Sodali LLC (203 658-9400, 800 662-5200) was the information agent for the exchange offer and the proxy solicitor for the special meeting.

The Suwanee, Ga.-based company is a self-managed health care real estate investment company investing primarily in real estate purposed for senior living and long-term health care through facility lease, sub-lease and operation of the facilities when required. The company is the successor to AdCare Health Systems, Inc.

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