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Five Star Quality Care buys back, retires $15.6 million more 3.75% convertibles in third quarter
By Jennifer Chiou
New York, Nov. 4 - Five Star Quality Care, Inc. purchased and retired an additional $15.6 million of its 3.75% convertible senior notes due 2026 during the third quarter of 2009, according to a 10-Q filing with the Securities and Exchange Commission.
The company paid $12.2 million plus accrued interest.
Five Star said it financed the repurchases by drawing on its UBS credit facility, spending cash generated from operations and using proceeds it received from senior housing under the lease realignment agreement.
In October, the company said it retired an additional $800,000 par value of the notes at a cost of $637,500 plus accrued interest.
Five Star is a senior living and health care services company based in Newton, Mass.
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