CSU - Capital Senior Living to get up to $152.5M from rights offering Conversant investment

Viktoriia Hnatiuk/iStock via Getty ImagesCapital Senior Living (CSU) plans to raise up to $152.5M through the private placement of convertible preferred stock to affiliates of Conversant Capital and from a common stock rights offering, in an effort to strengthen its balance sheet and to fund growth projects.Conversant will make available an additional $25M, after the closing of the preferred stock offering and the rights offering, to CSU for capital expenditures and acquisitions in exchange for additional shares of preferred stock.The capital will help CSU address near- to medium-term mortgage debt maturities, including all mortgage debt maturities through 2023.Under the agreement, Conversant agrees to purchase $82.5M of convertible preferred stock in the private placement and to backstop $42.5M of a ~$70M rights offering of common stock through the purchase of additional preferred shares.In exchange, Conversant gets the right to name a "number of directors" to the board in proportion to its stake

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Capital Senior Living to get up to $152.5M from rights offering, Conversant investment