Emeritus Launches Secondary Public Offering

SEATTLE--(BUSINESS WIRE)--Emeritus Corporation (NYSE: ESC), a national provider of senior living services, today announced that it has launched a secondary public offering of common shares pursuant to a shelf registration statement on Form S-3 filed today with the Securities and Exchange Commission (the “SEC”) on behalf of certain selling shareholders for the offering of 7,973,600 common shares. 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. In addition, the Company will grant 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.