NEW YORK (TheStreet) -- Brookdale Senior Living (BKD) was gaining 0.9% to $33.47 Wednesday after announcing pricing of a 19.42 million share spot secondary offering by certain affiliates of Fortress Investment Group.
The company announced the 19.42 million share offering will be priced at $33.00 a share. Following the offering Fortress will no longer own any shares of Brookdale Senior Living. As it isn't offering any shares in the offering, Brookdale won't receive any proceeds from the offering.
Morgan Stanley (MS) will act as the sole underwriter of the offering.
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TheStreet Ratings team rates BROOKDALE SENIOR LIVING INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate BROOKDALE SENIOR LIVING INC (BKD) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and weak operating cash flow."