Brookdale Senior Living Inc. (NYSE: BKD) announced today that it plans to raise $150 million in a public offering of its common stock. Brookdale intends to use the net proceeds from the offering to repay the $125 million of indebtedness that is currently outstanding under its credit agreement, and the remainder for working capital and other general corporate purposes. The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on May 22, 2009.
Brookdale expects to grant the underwriters an option for 30 days to purchase up to an additional $22.5 million of its common stock to cover over-allotments, if any. Goldman, Sachs & Co., Merrill Lynch & Co. and Barclays Capital Inc. will serve as Joint Book-Running Managers for the offering.