WelCare International, Atlanta, and Transitional Health Services, Louisville, Ky., two privately held post-acute-care companies, have completed their merger. The combined company will operate under the WelCare name, with headquarters in Atlanta. The merged company operates 76 subacute facilities with 8,000 beds in 19 states and the District of Columbia. J. Stephen Eaton, WelCare's chief executive officer, will remain in that post. Terms of the deal, which was structured as an exchange of stock effective Dec. 31, 1995, were not disclosed. Welsh, Carson, Anderson & Stowe is the largest shareholder of Transitional Health.
Nationwide Health Properties announced several new assisted-living transactions last month. The Newport Beach, Calif.-based real estate investment trust acquired five facilities for $30 million and leased them to ARV Assisted Living, Costa Mesa, Calif. The REIT also closed $61.2 million in financings for 12 assisted-living facilities that will be leased and operated by Crossings International Corp., Tacoma, Wash. It funded $7 million in mortgages on two assisted-living facilities in Florida for Liberty Healthcare, Atlanta. NHP has investments in 210 healthcare facilities in 30 states.
PhyCor filed a registration statement for a public offering of $150 million in bonds, due 2003, which will be convertible to PhyCor stock. The offering is managed by Alex. Brown & Sons; Equitable Securities Corp.; Needham & Co.; Robertson, Stephens & Co.; and Salomon Brothers. If the underwriters' overallotment option is exercised, Nashville, Tenn.-based PhyCor will sell up to an additional $22.5 million of debentures. PhyCor's proceeds of $145.5 million will be used to repay debt, finance future acquisitions, develop independent practice associations, fund deferred purchase price obligations, as well as working capital and other general corporate purposes.