Sunrise Assisted Living, a 15-year-old provider of assisted-living services, plans to sell 5 million shares of common stock.
Assuming an estimated initial public offering price of $18 per share, the Fairfax, Va.-based company would net proceeds of about $82.5 million.
The company plans to use $55.9 million for acquisitions and development, working capital and other general purposes. Some $16.6 million will be used to prepay interest and variable-rate debt in connection with a $95 million mortgage loan from General Electric Capital Corp. The company will use $10 million to redeem Series B preferred stock.
Sunrise operates 30 assisted-living facilities in nine states with the capacity to serve 2,500 residents.