CLIENT SUCCESSES

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Sunrise Senior Living, Inc.: Rule 144A Offering

Sunrise Senior Living, Inc. (Sunrise), based in the Washington, D.C. area, is a major provider of senior living services and manages around 300 senior living communities in the United States and Canada. Sunrise recently completed a remarkable turnaround. Under new management, the company restructured its debt, sold non-core assets and refocused its business, culminating in the sale of the company in January 2013 for $14.50 per share (compared to a low trading price of $0.27 per share in late 2008).

In early 2011, Sunrise was still engaged in the turnaround, and the company sought corporate and securities counsel that could deliver high quality, responsive legal services at rates lower than those of East Coast law firms. Sunrise engaged Maslon to advise on securities compliance, corporate governance and corporate finance matters. Martin Rosenbaum, Paul Chestovich and Shauro Bagchi worked closely with the client to ensure their goals were achieved.

In April 2011, Maslon represented Sunrise in connection with an offering of $86.3 million in convertible notes under Rule 144A managed by Stifel Nicolaus Weisel. This offering, which was an important step in restructuring the company’s balance sheet, had to be completed in a very short time. Our representation required sophisticated securities advice in light of Sunrise’s other fast-moving transactions in the same time frame and had to keep up with the demands of Wall Street investment bankers and their Wall Street lawyers. After the successful completion of the offering, the CEO wrote in a thank you note, “Your judgment, hard work and style are just what I expected.”

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