Five Star Quality Care buys back $46.5 million 3.75% convertibles for $20 million

By Angela McDaniels

Tacoma, Wash., Feb. 25 - Five Star Quality Care, Inc. repurchased and retired $46.5 million, or 37%, of its $126.5 million 3.75% convertible senior notes due 2026 in January, according to its earnings release for the quarter and year ended Dec. 31.

The repurchases were made at an average cost of 43% of par for a total of $20 million, including transaction costs and excluding accrued interest.

The company said it financed the repurchase by drawing on its secured credit facilities.

Five Star is a senior living and health-care services company based in Newton, Mass.

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