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Sunrise Assisted Living $100 million convertibles talked at 5.25-5.75% yield, up 24-28%
By Ronda Fears
Nashville, Tenn., Jan. 22 - Sunrise Assisted Living Inc. launched $100 million of seven-year convertible subordinated notes with pricing guidance of 5.25% to 5.75% yield and a 24% to 28% initial conversion premium. Credit Suisse First Boston is lead manager of the Rule 144A deal, which is set to price after the market close Thursday.
There is a $25 million greenshoe available.
Sunrise announced the early retirement of its 5.5% convertible notes due June 15, 2002, for $110 million last week,
Sunrise common shares closed Tuesday down $1.08 to $29.82.
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