GEN Acquisition Corp. Announces Acceptance for Purchase in Its Tender Offers for Genesis Healthcare Corporation's 8% Senior Subo
July 13 2007 - 2:54PM
PR Newswire (US)
NEW YORK, July 13 /PRNewswire/ -- GEN Acquisition Corp. ("GEN
Acquisition") announced today that it has accepted for purchase all
of the 8% Senior Subordinated Notes due 2013 (CUSIP Nos. 37184DAC5
and 37184DAA9) (the "8% Notes") and all of the 2.5% Convertible
Senior Subordinated Debentures due 2025 (CUSIP Nos. 37184DAE1 and
37184DAD3) (the "2.5% Notes" and, together with the 8% Notes, the
"Notes"), issued by Genesis HealthCare Corporation ("GHC")
(NASDAQ:GHCI) validly tendered in its tenders offers for all such
outstanding Notes. GEN Acquisition received tenders from holders of
100% of the outstanding 8% Notes and 100% of the outstanding 2.5%
Notes. The tender offers expired at 5:00 p.m., New York City time,
on July 12, 2007. The tender offers were made in connection with
the agreement and plan of merger dated as of January 15, 2007, as
amended, among GEN Acquisition, GHC and GEN Acquisition's parent,
FC-GEN Acquisition, Inc. ("Parent"), that provides for the merger
of GEN Acquisition with and into GHC, with GHC being the surviving
corporation in the merger (the "Acquisition"). GEN Acquisition and
Parent are owned by affiliates of Formation Capital, LLC and
affiliates of JER Partners, which is the private equity investment
group affiliated with J.E. Robert Company, Inc. The Acquisition
closed on July 13, 2007. Forward Looking Statements Certain
statements in this press release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward looking statements may be identified by the words
"believe," "expect," "anticipate," "project," "plan," "estimate,"
"will" or "intend" and similar expressions. The forward-looking
statements contained herein reflect our current views with respect
to future events and are based on our currently available
financial, economic and competitive data and on current business
plans. Actual results could vary materially depending on risks and
uncertainties that may affect GEN Acquisition's business and
operations and other factors. These forward-looking statements
speak only as of the date on which the statements were made and we
undertake no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as otherwise required by
law. About Formation and JER Formation Capital is a private equity
firm in the senior housing and long- term care industry. Over the
past five years Formation Capital has completed over $1.5 billion
of acquisitions in the sector and provides asset management
services to over 250 facilities nationwide. For more information on
Formation Capital, please visit http://www.formationcapital.com/.
JER Partners is the private equity investment arm of J.E. Robert
Companies, a real estate investment management company with more
than 25 years of experience in sourcing, underwriting and managing
a broad spectrum of real estate equity investments and debt
products in North America and Europe. JER has completed over $1.1
billion of acquisitions in the senior housing sector. JER's primary
investments are in office, hospitality, retail, multi-family,
healthcare-related real estate and industrial properties. Other
areas of investment include commercial mortgage-backed securities
("CMBS") and mezzanine financing. For more information on JER,
please visit http://www.jer.com/. DATASOURCE: GEN Acquisition Corp.
CONTACT: Innisfree M&A Incorporated, Banks and Brokers Call
Collect: +1-212-750-5833, All Others Call Toll Free:
+1-888-750-5834, for GEN Acquisition Corp. Web site:
http://www.jer.com/ http://www.formationcapital.com/
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