Capital Senior Living, an owner-operator of senior living communities across the United States, entered into an amended investment agreement with Conversant Capital. Under the new terms the company will raise up to $154.8 million through the combination of the private placement of convertible preferred stock, common stock and warrants; an amended common stock rights offering to its existing stockholders, with a revised subscription price of $30 per share; and an incremental $25 million accordion from Conversant for future investment at the company’s option.
Management called the terms “significantly improved.”
The amended terms follow pressuree from activist investor Ortelius Advisors on the company following the announcement of the original terms in July. Read more.
