ARV Assisted Notes
COSTA MESA — ARV Assisted Living Inc. said it has placed a private offering of $50 million of notes that can be converted into shares of common stock, and has acquired a 120-unit assisted living facility in Florida for $10.3 million.
The notes will be initially convertible at any time after 90 days following the date of issuance into shares of common stock at $18.57 per share. The stock closed Thursday at $16.25, up 25 cents, in trading on the Nasdaq market.
Proceeds will be used to acquire additional assisted living facilities, to fund a portion of the costs of development of 13 other facilities, and to pay certain debts, the company said.
The acquisition of the Bella Vita facility gives the company three facilities and one development project in Florida.
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