Emeritus Announces Pricing of Secondary Public Offering

SEATTLE--(BUSINESS WIRE)--Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced the pricing of its previously announced secondary public offering of 7,973,600 common shares at a public offering price of $27.00 per share. Shares are being sold by AREA Property Partners, on behalf of funds they manage, our CEO and President, Granger Cobb, funds associated with Directors Daniel Baty and Stan Baty, and by Ray Brandstrom, a co-founder of the Company who announced his retirement from the Company’s board of directors effective upon the upcoming annual meeting of shareholders. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,196,040 common shares. Any proceeds from the exercise of the underwriter’s option will be used for general corporate purposes, which may include repayment of outstanding debt.