ATLANTA, Jan. 10, 2017 /PRNewswire/ -- AdCare
Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), a
self-managed healthcare real estate investment company that invests
primarily in real estate purposed for senior living and long-term
healthcare, today announced the results of its previously announced
cash tender offer (the "Tender Offer") for up to $7,700,000 in aggregate principal amount of its
outstanding 10% Convertible Subordinated Notes Due April 30, 2017 (the "Convertible Notes") at a
purchase price equal to $1,000 per
$1,000 principal amount of
Convertible Notes purchased, plus accrued and unpaid interest on
such Convertible Notes up to, but not including, the payment date.
The Tender Offer expired at midnight, New
York City time, at the end of Monday,
January 9, 2017 (the "Expiration Time"). As of the
Expiration Time, $6.7 million in
aggregate principal amount of the Convertible Notes were validly
tendered and not properly withdrawn. AdCare accepted for payment
all of the Convertible Notes validly tendered and not properly
withdrawn pursuant to the Tender Offer. Payment for the Convertible
Notes tendered and accepted for payment is expected to be made
today by check. After giving effect to such payment, $1.0 million in aggregate principal amount of the
Convertible Notes will remain outstanding.
This press release is for informational purposes only and is not
an offer to purchase, or a solicitation of an offer to purchase,
any securities. The Tender Offer was made solely pursuant to an
offer to purchase and the related letter of transmittal, which set
forth the complete terms of the Tender Offer.
About AdCare Health Systems
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. AdCare currently owns, leases or manages for third
parties 29 facilities. For more information about AdCare, visit
www.adcarehealth.com.
Important Cautions Regarding Forward-Looking
Statements
Statements contained in this press release that are not
historical facts may be forward-looking statements within the
meaning of federal law. Such statements can be identified by the
use of forward-looking terminology, such as "believes," "expects,"
"plans," "intends," "anticipates" and variations of such words or
similar expressions, but their absence does not mean that the
statement is not forward-looking. Forward-looking statements
reflect management's beliefs and assumptions and are based upon
information currently available to management and involve known and
unknown risks, results, performance or achievements of AdCare,
which may differ materially from those expressed or implied in such
statements. Such factors are identified in the public filings made
by AdCare with the Securities and Exchange Commission, including
AdCare's Annual Report on Form 10-K for the year ended December 31, 2015, and AdCare's subsequently
filed Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. There is no assurance that such factors or other factors will
not affect the accuracy of such forward-looking statements. Except
where required by law, AdCare undertakes no obligation to revise or
update any forward-looking statements to reflect events or
circumstances after the date of this press release.
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SOURCE AdCare Health Systems, Inc.