| Ticker: SNRZ | 9401 Lee Highway, Suite 300 | |
| Exchange: NASDAQ-National Market | Fairfax, Virginia 22031 | |
| Industry: Service | (703) 273-7500 |
| Type of Shares: | Common Shares | Filing Date: | 3/21/96 | |
| U.S. Shares: | 5,700,000 | Offer Date: | 5/30/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $17.00 - $19.00 | |
| Primary Shares: | 5,700,000 | Offer Price: | $20.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.40 | |
| Offering Amount: | $102,600,000 | Selling: | $0.84 | |
| Expenses: | $1,500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 14,216,419 |
| Manager | Tier | Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 504-4525 |
| Alex. Brown & Sons Incorporated | Co-manager | (410) 727-1700 |
| Natwest Securities Ltd | Co-manager | (212) 602-4800 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $37.26 | $9.74 | $8.89 | Assets: | $139.79 |
| Net Income: | -$10.14 | -$1.71 | -$1.11 | Liabilities: | $139.75 |
| EPS: | -$1.15 | -$0.21 | Equity: | $0.04 | |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a leading provider of assisted living services to the elderly. The company currently operates 30 assisted living facilities in nine states with a capacity of approximately 2,500 residents, including 23 facilities owned by the company or in which it has ownership interests and seven facilities managed for third parties. The company had revenues of #37.4 million in 1995 and $10.4 million for the three months ended March 31, 1996. To date, the company has obtained zoning approval for 17 new facilities with a total resident capacity of 1,560 including five facilities currently under construction. The company believes that the assisted living industry is emerging as a preferred alternative to meet the growing demand for a cost-effective setting in which to care for the elderly who do not require the more intensive medical attention provided by a skilled nursing facility but cannot live independently due to physical or cognitive frailties. |
| Use of Proceeds |
| The proceeds from the offering will be used to finance the development and acquisition of additional assisted living facilities, to prepay a 25% mortgage participation interest and certain other indebtedness, to redeem the Series B Preferred Stock held by persons who may be considered affiliates of the company and for working capital and for working capital and other general corporate purposes. |
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