ATLANTA, May 28, 2015 /PRNewswire/ -- AdCare
Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) (the
"Company") announced today that it has priced a public offering of
up to 588,235 shares of its 10.875% Series A Cumulative
Redeemable Preferred Stock (the "Series A Preferred Stock") at a
public offering price of $25.50 per share. The closing of the
offering is scheduled for June 2,
2015, subject to customary closing conditions. The
Company's current 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. The Company intends to use the net proceeds from the
offering for general corporate purposes, which may include the
repayment of debt, working capital or the funding of potential
acquisitions.
MLV & Co. LLC and Northland Capital Markets are acting as
Joint Book-Running Managers to offer and sell the Series A
Preferred Stock on a "best efforts" basis. (Northland Capital
Markets is the trade name for certain capital markets and
investment banking activities of Northland Securities, Inc., member
FINRA/SIPC.) GVC Capital LLC and National Securities
Corporation are acting as Co-Managers.
The offering will be made pursuant to the Company's existing
effective shelf registration statement that was previously filed
with the Securities and Exchange Commission. The offering of
the shares of Series A Preferred Stock will be made only by means
of a prospectus and a related prospectus supplement. Before
you invest, you should read the prospectus and the related
prospectus supplement in the registration statement and the other
documents that the Company has filed with the Securities and
Exchange Commission for more complete information about the Company
and the offering. Copies of the final prospectus and related
prospectus supplement with respect to these securities, when
available, may be obtained by contacting MLV & Co. LLC, 1301
Avenue of the Americas, 43rd Floor, New York, New York 10019, Attention:
Julie Bagley, Email:
jbagley@mlvco.com, Telephone: (212) 542-5882 or Northland Capital
Markets, 45 South 7th Street, Suite 2000, Minneapolis, Minnesota 55402, Attention:
Adam J. Sandvig, Email:
asandvig@northlandcapitalmarkets.com, Telephone: (612)
460-4803.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA)
is a self-managed healthcare real estate investment company that
invests primarily in real estate purposed for senior living and
long-term healthcare through facility lease and sub-lease
transactions. The Company currently owns, leases or manages
for third parties 40 facilities, primarily in the Southeast.
For more information about the Company, visit
www.adcarehealth.com.
Important Cautions Regarding Forward-Looking
Statements
This press release includes statements that may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including with regard to
the Company's offering of the Series A Preferred Stock and the
intended use of proceeds. Such forward-looking statements are
subject to a variety of known and unknown risks, uncertainties, and
other factors that are difficult to predict and many of which are
beyond management's control. Factors that can affect future results
are discussed in the documents filed by the Company from time to
time with the Securities and Exchange Commission. Except where
required by law, the Company undertakes no obligation to update or
revise any forward-looking statement to reflect events or
circumstances after the date of this press release.
Company
Contacts
|
|
Investor
Relations
|
Bill
McBride
|
Allan
Rimland
|
Brett Maas
|
Chairman and
CEO
|
President and
CFO
|
Managing
Partner
|
AdCare Health
Systems, Inc.
|
AdCare Health
Systems, Inc.
|
Hayden IR
|
Tel (404)
781-2884
|
Tel (404)
781-2885
|
Tel (646)
536-7331
|
bill.mcbride@adcarehealth.com
|
allan.rimland@adcarehealth.com
|
brett@haydenir.com
|
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SOURCE AdCare Health Systems, Inc.