Sunrise calls 5.25% convertibles due 2009

By Angela McDaniels

Seattle, Jan. 11 - Sunrise Senior Living Inc. said it has called all of its outstanding 5.25% convertible subordinated notes due 2009.

The redemption price is 101.75% of the outstanding principal amount of the notes, plus accrued interest up to, but not including, the redemption date of Feb. 5. In total, the price is roughly $122 million.

Noteholders may convert their notes into shares of Sunrise common stock at a conversion price of $17.92 per share at any time prior to the close of business on Feb. 3.

The stock closed at $34.66 on Wednesday.

The company said it will fund the redemption with cash or with borrowings from its credit facility and that the dilutive effect of the converted shares has been reflected in Sunrise's fully diluted share count since the notes were issued in the first quarter of 2002.

Sunrise is a McLean, Va.-based provider of senior living services.

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