|
CONTACTS:
Robert M. Kaufman
Chief Executive Officer
(781)433-1119
Robert P. Jones/Jill Ruja
David Sassoon - Media
Morgen-Walke Associates
(212)850-5600
|
CareMatrix Corporation Sells $100 Million of 6-14 Percent
Convertible Subordinated Notes Due 2004
Needham, MA, August 13, 1997 - CareMatrix Corporation, (AMEX: CMD), today announced that it has sold $ 100 million of 6-1/4 percent convertible subordinated notes due August 15, 2004 in a private offering within the United States to qualified institutional investors and outside the United states to non-U.S. investors expected to close August 18, 1997. The Company has granted the initial purchasers a 30-day option to purchase up to an additional $15.0 million of notes to cover over-allotments, if any.
The notes, which are non-callable for three years, will be convertible into a total of approximately 3,463,203) shares of Common Stock of the Company at a conversion price of $28.875 per share (3,982,684 shares if the initial purchasers' over-allotment option is exercised in full).
The Company intends to use the net proceeds of the offering for general corporate purposes, including, but not limited to, capital expenditures and working capital and possible future acquisitions.
The securities to be offered will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
|
|
