ATLANTA, May 28, 2015 /PRNewswire/ -- AdCare
Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) (the
"Company") today announced that it has commenced a public offering
of up to 400,000 shares of its 10.875% Series A Cumulative
Redeemable Preferred Stock (the "Series A Preferred Stock").
The Company's current outstanding Series A Preferred Stock is
listed on the NYSE MKT under the symbol "ADK.PRA," and the Company
will file 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 is acting as Co-Manager.
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. Copies
of the prospectus and the prospectus supplement relating to these
securities 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 other 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 planned offering of the shares of the Series A
Preferred Stock and the intended use of proceeds therefrom.
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
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/adcare-health-systems-inc-announces-public-offering-of-series-a-preferred-stock-300090135.html
SOURCE AdCare Health Systems, Inc.