Last week was a busy one for senior housing and living stocks and news releases and SEC filings. Here’s a brief recap of some of the smaller bits:
Senior Housing Properties Trust – Senior Housing Properties Trust (NYSE: SNH) announced that it has priced a public offering of 6,500,000 common shares of beneficial interest at a price of $19.44 per share. The settlement of this sale is expected to occur on Tuesday, September 15, 2009. SNH expects to use the proceeds of this offering for general business purposes, including funding in part pending acquisitions or possible future acquisitions of properties. The underwriters have been granted a 30-day option to purchase up to an additional 975,000 shares to cover over allotments, if any. The offering size has been increased from the previously announced 4,500,000 share offering. For the full release, click here.
Sunrise – Sunrise Senior Living announced in an 8-K that it’s subsidiary, Sunrise Connecticut Avenue Assisted Living L.L.C. (“SCA”), entered into amendments to two Loan Agreements, dated as of August 28, 2007, by and among SCA and Chevy Chase Bank, a division of Capital One, N.A., as agent for the lenders party thereto and certain notes executed in connection with the entry into the Loan Agreements that extend the maturity date from August 28, 2009 to December 2, 2009, suspended the measurement of certain financial and operating covenants through the Extended Maturity Date and provided for certain additional financial reporting requirements. The amendments increased the interest rates applicable to: $29.6 million of outstanding borrowings under one of the Loan Agreements to one-month LIBOR plus 5.00% per annum and $10.0 million of outstanding borrowings under the second of the Loan Agreements to one-month LIBOR plus 5.50% per annum. For the full 8-K, click here.
Sun Health Care – Sun Healtcare Group (Nasdaq: SUNH) cut it guidance last week based upon the expected decrease in Medicare reimbursement rates. Sun Healthcare expects profit between $1.07 and $1.10 per share versus previous estimates of $1.15 and $1.19 per share. Additionally, the company announced that it plans to reduce overhead expesnses and make job cuts that will save the company over $10 million annually. For more information, click here.