Brookdale Senior Living (BKD) said Thursday it has elected to exercise its early settlement right for prepaid stock purchase contracts that are part of its 7% tangible equity units issued in November 2022.
Each tangible equity unit has a senior amortizing note due Nov. 15, 2025, and the last trading day of the tangible equity units is Friday, the company said.
Brookdale said it will issue 12.9341 shares of its common stock for each purchase contract on Monday, with cash for fractional shares.
Shares of the company were down 1.4% in early trading Thursday.
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