Sale to close Tuesday; proceeds for general business purposes
By Melissa Kory
Cleveland, June 20 - Five Star Quality Care, Inc. announced that the underwriters of its public offering exercised the over-allotment option to purchase an additional $7.5 million, or 1.5 million shares, of common stock.
Five Star priced $50 million, or 10 million shares, of stock on June 17 at $5.00 apiece. The price per share is identical to the June 16 closing share price.
The public sale is expected to close on June 21.
The joint book-running managers for this offering are Jefferies & Co., Inc., Citi and UBS Investment Bank. The co-lead managers are Morgan Keegan, RBC Capital Markets and Stifel Nicolaus Weisel. The co-managers are Davenport & Co. LLC and JMP Securities.
Proceeds will be used for general business purposes.
Five Star is a senior living and health-care services company based in Newton, Mass.
| Issuer: | Five Star Quality Care, Inc.
|
| Issue: | Common shares
|
| Amount: | $57.5 million
|
| Shares: | 11.5 million
|
| Price: | $5.00
|
| Warrants: | No
|
| Bookrunners: | Jefferies, Citi, UBS Investment Bank
|
| Lead managers: | Morgan Keegan, RBC Capital Markets, Stifel Nicolaus Weisel
|
| Co-managers: | Davenport & Co. LLC, JMP Securities
|
| Announcement date: | June 8
|
| Pricing date: | June 17
|
| Settlement date: | June 21
|
| Stock symbol: | NYSE: FVE
|
| Stock price: | $5.00 at close June 16
|
| Market capitalization: | $185.5 million
|
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