Brookdale Launches $150 Million Common Share Offering

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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.

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