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Texas  + Dallas-Fort Worth  + Finance  | 
Kimberly Lody

Capital Senior Living Hopes to Raise $152M

Capital Senior Living Corporation plans to raise up to $152.5 million through the private placement of convertible preferred stock to affiliates of Conversant Capital LLC and a proposed common stock rights offering to its existing stockholders. Conversant will partially backstop the rights offering and provide an incremental $25 million accordion for future investment, subject to certain conditions. The company intends to use the net proceeds of the private placement and rights offering for working capital, to repay debt, for capital expenditures and to fund accretive growth projects.

“We are delighted to announce this strategic investment from Conversant, whose principals have a history of partnering with real estate platforms and their management teams to help identify and capitalize on organic and external growth opportunities,” said Kimberly S. Lody, president and chief executive officer of Capital Senior Living. “We believe this transaction comes at a pivotal time for Capital Senior Living, as the industry turns the corner from the pandemic and our management team, appointed during 2019 and stabilized the company through the COVID-19 crisis, leads the organization into its next chapter of growth.” The investment will substantially enhance the company’s balance sheet and improve liquidity by providing working capital and addressing near- to medium-term mortgage debt maturities including all mortgage debt maturities through 2023.


Inside The Story

Kim Lody

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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