Emeritus Announces Closing of Secondary Public Offering and $60 Million Debt Reduction

SEATTLE--(BUSINESS WIRE)--Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced the closing of its previously announced secondary public offering of 7,973,600 shares of Emeritus Corporation (the “Company”) common stock sold by certain selling shareholders, as well as the simultaneous closing of the issuance and sale of an additional 1,196,040 shares of the Company’s common stock pursuant to the full exercise of the underwriter’s over-allotment option to purchase additional shares. The additional shares of the Company’s common stock were sold at a price of $27.00 per share, resulting in $31.3 million in proceeds to the Company (after giving effect to the Underwriter’s discount), to be used for general corporate purposes, which may include repayment of outstanding debt.