AdCare amends term, conversion price, coupon of $4.85 million note

10% subordinated promissory notes now set to mature on Oct. 31, 2017

By Devika Patel

Knoxville, Tenn., Aug. 5 – AdCare Health Systems, Inc. amended the terms of its $4,847,000 subordinated convertible promissory notes on July 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The notes are held by Cantone Asset Management, Inc.

The notes’ maturity was extended to Oct. 31, 2017 from July 31, 2015. The coupon was also increased to 10% from 8%, and the conversion price was increased to $4.25 per share from $3.97 per share.

The company may now prepay the note.

Adcare is a Roswell, Ga.-based owner and manager of skilled care nursing facilities and assisted living facilities.

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