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New Senior Announces Final Results of Modified “Dutch

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Enterprising Investor Member Level  Monday, 01/25/16 06:46:14 PM
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New Senior Announces Final Results of Modified “Dutch Auction” Self-Tender Offer

Company Purchases 3,333,333 Shares At $9.00 Per Share

NEW YORK--(BUSINESS WIRE)--New Senior Investment Group Inc. (“New Senior” or the “Company”) (NYSE:SNR) today announced the final results of its modified “Dutch auction” self-tender offer, which expired at 5:00 p.m., New York City time, on January 19, 2016.

In accordance with the terms of the self-tender offer and based on the final count by American Stock Transfer & Trust Company, LLC, the depositary for the self-tender offer, New Senior has accepted for purchase 3,333,333 shares of its common stock at a purchase price of $9.00 per share on a pro rata basis, except for tenders of odd lots, which were accepted in full, for a total cost of approximately $30,000,000, excluding fees and expenses relating to the self-tender offer. New Senior has determined that the proration factor for the self-tender offer, after giving effect to the priority of odd lots, is approximately 37.5%. The shares accepted for purchase in the self-tender offer represent approximately 3.90% of New Senior’s issued and outstanding common stock as of January 22, 2016. The depositary for the self-tender offer will promptly pay for the shares accepted for purchase and will return all other shares tendered and not purchased pursuant to the terms of the self-tender offer. New Senior will fund the repurchase of shares in the self-tender offer using a portion of its cash and cash equivalents on hand.

After completion of its repurchase of shares in the self-tender offer, New Senior estimates that its remaining capacity under its previously announced share repurchase program is $89.7 million. Under the program, the Company may repurchase its shares from time to time in the open market or in privately negotiated transactions. The amount and timing of any repurchases will depend on a number of factors including the price and availability of the Company's shares, trading volume, capital availability, Company performance and general economic and market conditions. The Company may also from time to time establish a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, to facilitate repurchases of shares. The share repurchase program may be suspended or discontinued at any time.

Morgan Stanley & Co. LLC is serving as dealer manager for the self-tender offer. Innisfree M&A Incorporated is serving as information agent for the self-tender offer and American Stock Transfer & Trust Company, LLC is serving as depositary for the self-tender offer. Stockholders and investors who have questions or need information about the self-tender offer may contact Innisfree M&A Incorporated at 1-888-750-5834.

ABOUT NEW SENIOR

New Senior is a real estate investment trust focused on investing in senior housing properties across the United States. The Company is the only pure play senior housing REIT and is one of the largest owners of senior housing properties. Currently, New Senior owns 154 properties located across 37 states. New Senior is managed by an affiliate of Fortress Investment Group LLC, a global investment management firm. More information about New Senior can be found at www.newseniorinv.com.

http://www.businesswire.com/news/home/20160125006568/en/Senior-Announces-Final-Results-Modified-%E2%80%9CDutch-Auction%E2%80%9D

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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