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Five Star starts offering of 10 million shares

Wed, 06/08/2011 - 2:45pm
The Associated Press

Five Star Quality Care Inc., an operator of nursing homes and assisted-living facilities, said Wednesday that it started an offering of 10 million shares and will use proceeds to repay a bridge loan and fund acquisitions.

The Newton, Mass., company said underwriters will have an option to buy an additional 1.5 million shares to cover any excess demand. Joint book-running managers for the offering are Jefferies & Co. Inc., Citi and UBS Investment Bank.

Shares of Five Star Quality Care fell 39 cents, or more than 5 percent, to $6.81 in after-hours trading.

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