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Emeritus plans exchange for convertibles
New York, July 6 - Emeritus Assisted Living said it plans an exchange for its $32.0 million principal amount of 6.25% convertible subordinated debentures due Jan. 1, 2006.
The Seattle-based provider of assisted living and related services said it plans to offer new debentures due June 30, 2008 with an 8% coupon. The new securities would be non-callable.
Other terms of the new debentures would be identical to the existing ones, including the right to convert into common stock at $22.00 per share.
Entities controlled by Emeritus' chief executive officer Daniel R. Baty and Saratoga Partners together own 65% of the existing convertibles and have agreed to the exchange. They have also agreed to buy new debentures up to the amount of any existing ones that are not tendered, with the result that the existing issue will be entirely replaced.
Emeritus said it plans to carry out the exchange in the third quarter.
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