Sunrise Senior Living: Jan. 9 is make-whole date for 5% convertibles

By Toni Weeks

San Diego, Jan. 11 - Sunrise Senior Living, Inc. announced in a press release that Jan. 9 is the effective date of the make-whole fundamental change for the company's 5% junior subordinated convertible notes due 2041.

The make-whole fundamental change is the result of the acquisition of the company by Health Care REIT, Inc. for $14.50 per share.

As previously reported, holders may convert their notes into $1,443.67 in cash per $1,000 principal amount of notes in the case of a make-whole fundamental change or into $1,338.12 in cash per $1,000 principal amount otherwise. The prices represent conversion rates of 116.4251 and 107.9130, respectively.

A conversion will be deemed in connection with the make-whole fundamental change if a notice of conversion is received by the conversion agent from Jan. 9 through the business day immediately prior to the fundamental change purchase date, which will be in 20 to 35 days. The actual date will be specified later by Sunrise to holders.

Holders who do not convert their notes during the make-whole conversion period, and thus do not convert their notes in connection with the make-whole fundamental change, may convert their notes at any time through March 29, 2041, which is the business day immediately preceding the maturity date of the notes.

The senior living services provider is based in McLean, Va.

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