Evergreen Healthcare has raised $31.2 million through the completion of a public offering of more than 3.1 million shares of common stock at $10 per share.
Proceeds of the offering will be used to finance future acquisitions and to reduce corporate debt, an Evergreen spokesman said.
The offering was managed by McDonald & Co. Securities, Indianapolis, and The Chicago Dearborn Co.
In addition, Evergreen said it completed the purchase of two Illinois-based limited partnerships that operate and manage 14 nursing facilities with 1,346 beds in the state. Terms of the deal weren't released.
Evergreen also obtained a $55 million credit facility, $45 million of which will be used for future acquisitions and $10 million of which will be used for working capital purposes.
Carmel, Ind.-based Evergreen operates 79 nursing facilities in 10 states.