June 2, 2009 (FinancialWire) — Brookdale Senior Living Inc. (NYSE: BKD) said it plans to raise $150 million in a public offering of its common stock. Goldman, Sachs & Co. (NYSE: GS), Merrill Lynch & Co. (NYSE: MER) and Barclays Capital will serve as joint bookrunning managers.

The company plans to grant the underwriters an option for 30 days to purchase up to an additional $22.5 million of its common stock to cover over-allotments.

Brookdale plans to use the net proceeds from the offering to repay the $125 million of indebtedness that is currently outstanding under its credit agreement, and the remainder for working capital and other general corporate purposes.

Nashville, Tennessee-based Brookdale Senior Living is an owner and operator of senior living communities throughout the United States. The company owns and operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, with 547 communities in 35 states and the ability to serve approximately 52,000 residents.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.