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These excerpts taken from the SRZ 10-K filed Mar 24, 2008. Convertible
Subordinated Notes
In January 2002, Sunrise issued and sold $125 million
aggregate principal amount of 5.25% convertible subordinated
notes due February 1, 2009. Interest was payable at 5.25%
per annum payable semiannually on February 1 and August 1 each
year beginning on August 1, 2002. The conversion price was
$17.92 (equivalent to a
Sunrise
Senior Living, Inc.
Notes to
Consolidated Financial
Statements — (Continued)
conversion rate of 55.8036 shares per $1,000 principal
amount of the convertible notes). The notes were subordinated to
Sunrise’s existing and future senior indebtedness. In 2003,
Sunrise repurchased $5 million principal amount of the
convertible notes. In February 2006, Sunrise completed the
redemption of the remaining 5.25% convertible subordinated notes
due February 1, 2009. Prior to the redemption date,
substantially all of the approximately $119.9 million
principal amount of the notes outstanding at the time the
redemption was announced on January 11, 2006 had been
converted into approximately 6.7 million shares of common
stock. The conversion price was $17.92 per share in accordance
with the terms of the indenture governing the notes.
Convertible Subordinated Notes In January 2002, Sunrise issued and sold $125 million aggregate principal amount of 5.25% convertible subordinated notes due February 1, 2009. Interest was payable at 5.25% per annum payable semiannually on February 1 and August 1 each year beginning on August 1, 2002. The conversion price was $17.92 (equivalent to a
Sunrise Senior Living, Inc. Notes to Consolidated Financial Statements — (Continued) conversion rate of 55.8036 shares per $1,000 principal amount of the convertible notes). The notes were subordinated to Sunrise’s existing and future senior indebtedness. In 2003, Sunrise repurchased $5 million principal amount of the convertible notes. In February 2006, Sunrise completed the redemption of the remaining 5.25% convertible subordinated notes due February 1, 2009. Prior to the redemption date, substantially all of the approximately $119.9 million principal amount of the notes outstanding at the time the redemption was announced on January 11, 2006 had been converted into approximately 6.7 million shares of common stock. The conversion price was $17.92 per share in accordance with the terms of the indenture governing the notes. | EXCERPTS ON THIS PAGE:
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