As filed with the Securities and Exchange Commission on January 5, 2017
Registration
No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-3
REGISTRATION STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
CAPITAL SENIOR LIVING CORPORATION
(FOR
CO-REGISTRANTS,
PLEASE SEE
TABLE OF
CO-REGISTRANTS
ON THE FOLLOWING PAGE)
(Exact name of registrant as specified in its charter)
|
|
|
|
|
Delaware
|
|
75-2678809
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
14160 Dallas Parkway, Suite 300
Dallas, Texas 75254
(972)
770-5600
(Address, including zip code, and telephone number, including area code, of
registrant’s principal executive offices)
David R. Brickman, Esq.
Senior Vice President, General Counsel and Secretary
Capital Senior Living Corporation
14160 Dallas Parkway, Suite 300
Dallas, Texas 75254
(972)
770-5600
(Name, address, including zip code, and telephone number, including area code, of agent
for service)
Copies to:
Winston W. Walp II, Esq.
Norton Rose Fulbright US LLP
2200 Ross Avenue, Suite 3600
Dallas, Texas 75201
(214)
855-8000
Approximate date of commencement of proposed sale to the public:
From time to time
after the effective date of this registration statement as determined by the registrant.
If the only securities being registered on this
Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of
the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans,
check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following
box. ☐
If this Form is a post-effective amendment to a registration statement filed pursuant to General
Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule
12b-2
of the Exchange Act (check one).
|
|
|
|
|
|
|
|
|
Large accelerated filer
|
|
☐
|
|
Accelerated filer
|
|
☒
|
|
|
|
|
|
|
Non-accelerated filer
|
|
☐ (Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
☐
|
CALCULATION OF REGISTRATION FEE
|
|
|
|
|
|
|
|
|
|
|
|
|
Title of each class of
securities to be registered
|
|
Amount
to be
registered
(1)
|
|
Proposed
maximum
offering
price
per unit (1)
|
|
Proposed
maximum
aggregate
offering price (1)(3)
|
|
Amount of
registration fee (1)(3)
|
|
Debt Securities
|
|
(2)
|
|
(2)
|
|
(2)
|
|
|
|
Common Stock, par value $0.01 per share
|
|
(2)
|
|
(2)
|
|
(2)
|
|
|
|
Preferred Stock, par value $0.01 per share
|
|
(2)
|
|
(2)
|
|
(2)
|
|
|
|
Depositary Shares
|
|
(2)
|
|
(2)
|
|
(2)
|
|
|
|
Warrants
|
|
(2)
|
|
(2)
|
|
(2)
|
|
|
|
Rights
|
|
(2)
|
|
(2)
|
|
(2)
|
|
|
|
Purchase Contracts
|
|
(2)
|
|
(2)
|
|
(2)
|
|
|
|
Units
|
|
(2)
|
|
(2)
|
|
(2)
|
|
|
|
Guarantees of Debt Securities (4)
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$150,000,000
|
|
$17,385
|
|
|
|
|
|
(1)
|
There are being registered hereunder such indeterminate principal amount of debt securities, such indeterminate number of shares of common stock and preferred stock, such indeterminate amount of depositary shares, such
indeterminate number of warrants to purchase common stock, preferred stock or debt securities, such indeterminate number of rights to purchase common stock, preferred stock or warrants, and such indeterminate number of units and purchase contracts
as may be sold by the registrant from time to time, which together shall have an aggregate initial offering price not to exceed $150,000,000. If any debt securities are issued at an original issue discount, then the offering price of such debt
securities shall be in such greater principal amount at maturity as shall result in an aggregate offering price not to exceed $150,000,000, less the aggregate dollar amount of all securities previously issued hereunder. Any securities registered
hereunder may be sold separately or as units with the other securities registered hereunder. The securities registered hereunder also include such indeterminate number of shares of common stock and preferred stock and amount of debt securities as
may be issued upon conversion of or exchange for preferred stock or debt securities that provide for conversion or exchange, upon exercise of warrants or pursuant to the anti-dilution provisions of any of such securities. In addition, pursuant to
Rule 416 of the rules and regulations under the Securities Act of 1933, as amended (the “Securities Act”), the shares being registered hereunder include such indeterminate number of shares of common stock and preferred stock as may be
issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.
|
|
(2)
|
Omitted pursuant to General Instruction II.D of Form
S-3
under the Securities Act.
|
|
(3)
|
Estimated solely for the purpose of determining the registration fee in accordance with Rule 457(o) of the rules and regulations under the Securities Act, and based upon the maximum aggregate offering price of all
securities being registered. This registration statement includes a total of $150,000,000 of unsold securities that had previously been registered under the registrant’s registration statement on Form
S-3
(333-192128)
declared effective by the Securities and Exchange Commission on January 6, 2014 (the “Prior Registration Statement”). In connection with the registration of such unsold securities
on the Prior Registration Statement, the registrant paid a registration fee of $19,320 for such unsold securities. In accordance with Rule 415(a)(6) of the Securities Act, the registration fee paid for the unsold securities on the Prior Registration
Statement will be used to offset the current registration fee due. Accordingly, the amount of the registration fee for the securities for sale by the registrant under this registration statement of $17,385 has been entirely offset by the
registration fee previously paid of $19,320, and as a result, no filing fee is being paid herewith. Pursuant to 415(a)(6) of the Securities Act, the offering of the unsold securities registered under the Prior Registration Statement will be deemed
terminated as of the date of effectiveness of this registration statement.
|
|
(4)
|
The subsidiaries of Capital Senior Living Corporation that are named as
co-registrants
may fully and unconditionally guarantee the debt securities of Capital Senior Living
Corporation. No separate consideration will be received for any guarantee of debt securities. Accordingly, pursuant to Rule 457(n) of the Securities Act, no separate filing fee is required. The guarantees will not be traded separately.
|
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement
shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
TABLE OF
CO-REGISTRANTS
The additional Registrant listed below is a subsidiary of Capital Senior Living Corporation and may guarantee the debt securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exact Name of
Co-Registrant
as Specified in its Charter (1)
|
|
State or Other
Jurisdiction of
Incorporation or
Organization
|
|
|
Primary Standard
Industrial
Classification
Code number
|
|
|
I.R.S.
Employer Identification
Number
|
|
|
Capital Senior Living Properties, Inc.
|
|
|
Texas
|
|
|
|
8050
|
|
|
|
75-2726680
|
|
|
(1)
|
The address for the
co-registrant
is 14160 Dallas Parkway, Suite 300, Dallas, Texas 75254.
|
The information in this prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.
Subject To Completion, Dated January 5, 2017
Prospectus
$150,000,000
CAPITAL SENIOR LIVING CORPORATION
Debt Securities
Common
Stock
Preferred Stock
Depositary Shares
Warrants
Rights
Purchase Contracts
Units
We may from time to time offer to sell together or separately in one or more offerings the following securities in amounts, at prices
and on terms to be determined by market conditions and other factors at the time of any such offer:
|
|
•
|
|
debt securities consisting of senior notes, subordinated notes, debentures or other unsecured evidences of indebtedness, in one or more series, which may be convertible into or exchangeable for preferred stock or common
stock, and the payment obligations under any series of debt securities may be fully and unconditionally guaranteed by one or more of our subsidiaries;
|
|
|
•
|
|
common stock, par value $0.01 per share;
|
|
|
•
|
|
preferred stock, par value $0.01 per share, in one or more series, which may be convertible into or exchangeable for debt securities or common stock;
|
|
|
•
|
|
depositary shares representing an interest in a fractional share or multiple shares of our preferred stock;
|
|
|
•
|
|
warrants to purchase common stock, preferred stock or debt securities, which may be convertible into or exchangeable for our common stock, preferred stock or debt securities;
|
|
|
•
|
|
rights to purchase common stock, preferred stock or warrants, which may be convertible into or exchangeable for our common stock, preferred stock or warrants;
|
|
|
•
|
|
purchase contracts; and
|
|
|
•
|
|
units that include any of these securities.
|
The aggregate amount of the securities offered by
us under this prospectus will not exceed $150,000,000. When we decide to sell particular securities, we will provide you with the specific terms and the public offering price of the securities we are then offering in one or more prospectus
supplements to this prospectus. This prospectus may not be used to sell securities unless accompanied by a prospectus supplement that contains a description of those securities. The prospectus supplement may add to, change, update or supersede
information contained in this prospectus. The prospectus supplement may also contain important information about U.S. Federal income tax consequences. You should read this prospectus, together with any applicable prospectus supplement and
information incorporated by reference in this prospectus and any applicable prospectus supplement, carefully before you decide to invest.
Our common stock, par value $0.01 per share, is listed on the New York Stock Exchange and trades under the ticker symbol “CSU.” On
January 4, 2017, the last reported sale price of our common stock on the New York Stock Exchange was $16.49. Each prospectus supplement will indicate whether the securities offered thereby will be listed on any securities exchange.
These securities may be sold directly by us, to or through underwriters or dealers, through agents designated from time to time, through a
combination of these methods, or through any other method permitted by law on a continuous or delayed basis. See “Plan of Distribution” in this prospectus. We may also describe the plan of distribution for any particular offering of these
securities in any applicable prospectus supplement. If any agents, underwriters or dealers are involved in the sale of any securities in respect of which this prospectus is being delivered, we will disclose their names, any fees, commissions and
discounts payable to them, and the nature of our arrangement with them in a prospectus supplement. The net proceeds we expect to receive from any such sale, and the contemplated use thereof, will also be included in a prospectus supplement.
The address of our principal executive offices is 14160 Dallas Parkway, Suite 300, Dallas, Texas 75254. Our phone number is (972)
770-5600.
Investing in our securities involves risks. You should carefully consider the
risk
factors
beginning on page 2 of this prospectus and in the applicable prospectus supplement before you make an investment in our securities.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR
DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this
prospectus is , 2017
TABLE OF CONTENTS
-i-
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, using a
“shelf” registration process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus in one or more offerings up to a total dollar amount of $150,000,000. This prospectus provides
you with a general description of the securities we may offer, which is not meant to be a complete description of each security. Each time we sell securities under this shelf registration, we will provide a prospectus supplement that will contain
specific information about the terms of that offering. The prospectus supplement may also add, change, update or supersede the information contained in this prospectus or in the documents that we have incorporated by reference into this prospectus.
You should read the prospectus and any applicable prospectus supplement, together with the additional information described under the heading “Available Information,” before investing in any of the securities being offered.
THIS
PROSPECTUS MAY NOT BE USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.
You should rely
only on the information contained or incorporated by reference in this prospectus and any supplement to this prospectus. We have not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.
This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the
actual documents for complete information. All of the summaries are qualified in their entirety by reference to the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by
reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under the heading “Available Information.”
You should not assume that the information in this prospectus and any prospectus supplement is accurate as of any date other than the date of
the document containing the information. Our business, financial condition, results of operations and prospects may have changed since then.
Unless otherwise indicated, all references in this prospectus to “Capital Senior,” the “Company,” “we,”
“us,” and “our” mean Capital Senior Living Corporation and its consolidated subsidiaries. In this prospectus, we sometimes refer to the debt securities, common stock, preferred stock, depositary shares, warrants, rights, purchase
contracts, units and guarantees collectively as the “securities.”
- 1 -
RISK FACTORS
Investing in our securities involves risk. Before you decide whether to purchase any of our securities, in addition to the other information,
documents or reports included in or incorporated by reference into this prospectus and any prospectus supplement, you should carefully consider the risk factors in the section entitled “Risk Factors” in any prospectus supplement as well as
in our most recent Annual Report on Form
10-K
and in our Quarterly Reports on Form
10-Q
filed subsequent to the Annual Report on Form
10-K,
which are incorporated by reference into this prospectus and any prospectus supplement in their entirety, as the same may be amended, supplemented or superseded from time to time by our filings under the
Securities Exchange Act of 1934, as amended, or the Exchange Act. For more information, see the section entitled “Available Information.” These risks, and additional risks not known to us or that we currently believe are immaterial, could
materially and adversely affect our business, operating results, cash flows and financial condition and could result in a partial or complete loss of your investment.
- 2 -
CAPITAL SENIOR LIVING CORPORATION
We are one of the largest operators of senior living communities in the United States in terms of resident capacity. We and our predecessors
have provided senior living services since 1990. As of September 30, 2016, we operated 128 senior living communities in 23 states with an aggregate capacity of approximately 16,100 residents, including 78 senior living communities that we owned
and 50 senior living communities that we leased. As of September 30, 2016, we also operated one home care agency. During the year ended December 31, 2015, approximately 95% of total revenues for the senior living communities operated by us
were derived from private pay sources.
Our operating strategy is to provide value to our senior living residents by providing quality
senior living services at reasonable prices, while achieving and sustaining a strong, competitive position within our geographically concentrated regions, as well as continuing to enhance the performance of our operations. We provide senior living
services to the elderly, including independent living, assisted living and home care services. Many of our communities offer a continuum of care to meet our residents’ needs as they change over time. This continuum of care, which integrates
independent living and assisted living and is bridged by home care through independent home care agencies or our home care agency, sustains residents’ autonomy and independence based on their physical and mental abilities.
Our corporate office is located at 14160 Dallas Parkway, Suite 300, Dallas, Texas 75254. Our phone number is (972)
770-5600
and our website address is
www.capitalsenior.com
. Information contained on our website does not constitute part of this prospectus or any prospectus supplement.
- 3 -
AVAILABLE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the SEC. We have filed with the SEC a registration
statement on Form
S-3
under the Securities Act of 1933, as amended, or the Securities Act, with respect to the securities that may be offered under this prospectus. This prospectus, which forms part of the
registration statement, does not contain all of the information in the registration statement. We have omitted certain parts of the registration statement, as permitted by the rules and regulations of the SEC. For further information about us and
our securities, please see the registration statement and our other filings with the SEC, including our annual, quarterly, and current reports and proxy statements, which you may read and copy at the Public Reference Room maintained by the SEC at
100 F Street, N.E., Washington, D.C. 20549. You may obtain information about the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330.
Our public filings with the SEC are also available to the public on the SEC’s Internet website at
www.sec.gov
. Our Internet website address is
www.capitalsenior.com
. Information on our website is not incorporated into this prospectus or our other securities filings and is not a part of this prospectus or any prospectus supplement.
We furnish holders of our common stock with annual reports containing audited financial statements prepared in accordance with accounting
principles generally accepted in the United States following the end of each fiscal year. We file reports and other information with the SEC pursuant to the reporting requirements of the Exchange Act.
- 4 -
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
The SEC allows us to “incorporate by reference” into this prospectus the information we have filed with the SEC, which means that we
can disclose important information to you without actually including the specific information in this prospectus by referring you to those documents. The information incorporated by reference is an important part of this prospectus and information
that we file later with the SEC will automatically update and supersede this information. Therefore, before you decide to invest in a particular offering under this shelf registration, you should always check for reports we may have filed with the
SEC after the date of this prospectus. We incorporate by reference into this prospectus (1) the documents listed below, (2) any future filings we make with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act following the
date of this prospectus and prior to the termination of the offering covered by this prospectus and any prospectus supplement, and (3) any filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date
of the registration statement of which this prospectus is a part and prior to the effectiveness of such registration statement, in each case other than information furnished to the SEC (including information furnished under Items 2.02 or 7.01 of
Form
8-K
and any corresponding information furnished with respect to such Items under Item 9.01 or as an exhibit), which is not deemed filed under the Exchange Act and is not incorporated in this prospectus:
|
|
•
|
|
our Annual Report on Form
10-K
for the fiscal year ended December 31, 2015, filed with the SEC on February 26, 2016;
|
|
|
•
|
|
our Quarterly Reports on Form
10-Q
for the quarterly periods ended March 31, 2016, June 30, 2016 and September 30, 2016, filed with the SEC on May 4, 2016,
August 3, 2016 and November 2, 2016, respectively;
|
|
|
•
|
|
our Current Reports on Form
8-K,
filed with the SEC on January 14, 2016, February 25, 2016, March 21, 2016, May 20, 2016 and November 15, 2016; and
|
|
|
•
|
|
the description of our common stock contained in the section entitled “Description of Capital Stock” in the Registration Statement on Form
S-1
(Registration
No. 333-33379),
filed with the SEC on August 12, 1997, including any amendment or report filed for the purpose of updating such description.
|
Any statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to
be modified or superseded for purposes of this prospectus to the extent that a statement contained in any subsequently filed document which is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.
We
will provide without charge to each person, including any beneficial owner, to whom this prospectus is delivered, upon written or oral request, a copy of any document incorporated by reference in this prospectus, other than exhibits to any such
document not specifically described above. Requests for such documents should be directed to:
Capital Senior Living Corporation
14160 Dallas Parkway, Suite 300
Dallas, Texas 75254
(972)
770-5600
Attention: David R. Brickman
- 5 -
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the documents incorporated into this prospectus by reference include forward-looking statements within the meaning of
sections 27A of the Securities Act and 21E of the Exchange Act. All statements, other than statements of historical facts, included in this prospectus that address activities, events or developments that we expect, project, believe or anticipate
will or may occur in the future are forward-looking statements. These statements can be identified by the use of forward looking terminology including “may,” “believe,” “anticipate,” “expect,”
“estimate,” “continue,” “should” or other similar words.
Forward-looking statements are not guarantees of
performance. We have based these statements on our assumptions and analyses in light of our experience and perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the
circumstances. No assurance can be given that these assumptions are accurate. Moreover, these statements are subject to a number of risks and uncertainties. Important factors that could cause our actual results to differ materially from the
expectations reflected in our forward-looking statements include those described under “Risk Factors” in Item 1A and elsewhere in our Annual Reports on Form
10-K
and our Quarterly Reports on Form
10-Q,
and, among others, our ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturn in economic conditions generally, satisfaction of closing
conditions such as those pertaining to licensure, availability of insurance at commercially reasonable rates, and changes in accounting principles and interpretations.
Other factors described herein, or factors that are unknown or unpredictable, could also have a material adverse effect on future results.
All subsequent written and oral forward looking statements attributable to us or to persons acting on our behalf are expressly qualified
in their entirety by the foregoing. In light of these risks, uncertainties and assumptions, the events anticipated by our forward-looking statements may not occur, and you should not place any undue reliance on any of our forward-looking statements.
Our forward-looking statements speak only as of the date made and we undertake no obligation to update or revise our forward-looking statements, whether as a result of new information, future events or otherwise.
- 6 -
USE OF PROCEEDS
Unless we inform you otherwise in an applicable prospectus supplement, we intend to use the net proceeds from the sales of the securities for
general corporate purposes, which may include, among other things, acquisitions, capital expenditures, working capital, repayment or refinancing of indebtedness or payment of other corporate obligations, investments in our subsidiaries, investments
in existing or future projects or repurchasing or redeeming our securities. We may invest funds not required immediately for such purposes in marketable securities and short-term investments. Any specific allocation of the net proceeds of an
offering of securities to a specific purpose will be determined at the time of the specific offering and will be disclosed in the applicable prospectus supplement.
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated basis. You should read these
ratios of earnings to fixed charges in connection with our consolidated financial statements, including the notes to those financial statements, incorporated by reference into this prospectus (amounts in thousands, except ratios).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-Months
Ended
September 30,
2016
|
|
|
Year-Ended December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
Ratio of Earnings to Fixed Charges
|
|
|
(A
|
)
|
|
|
(A
|
)
|
|
|
(A
|
)
|
|
|
(A
|
)
|
|
|
(A
|
)
|
|
|
1.19
|
|
|
(A)
|
Earnings were insufficient to cover fixed charges by $17.1 million, $13.4 million, $23.4 million, $10.7 million and $3.9 million for the nine months ended September 30, 2016, and years
ended December 31, 2015, 2014, 2013 and 2012, respectively.
|
In calculating the ratio of earnings to fixed charges,
“earnings” means the sum of income before income taxes and fixed charges exclusive of capitalized interest, and “fixed charges” means interest expensed and capitalized, amortized premiums, discounts and capitalized expenses
relating to indebtedness and an estimate of the portion of annual rental expense on leases that represents the interest factor.
For the
periods indicated above, we did not have any outstanding shares of preferred stock. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented in the above table.
- 7 -
THE SECURITIES WE MAY OFFER
The descriptions of the securities contained in this prospectus, together with any applicable prospectus supplement, summarize certain
material terms and provisions of the various types of securities that we may offer. The particular material terms of the securities offered by a prospectus supplement will be described in that prospectus supplement. Any prospectus supplement may
add, change, update or supersede the information contained in this prospectus. The prospectus supplement will also contain information, where applicable, about material U.S. Federal income tax considerations relating to the offered securities, and
the securities exchange, if any, on which the offered securities will be listed. The descriptions herein and in the applicable prospectus supplement do not contain all of the information that you may find useful or that may be important to you. You
should refer to the provisions of the actual documents whose terms are summarized herein and in the applicable prospectus supplement, because those documents, and not the summaries, define your rights as holders of the relevant securities. For more
information, please review the forms of these documents, which are or will be filed with the SEC and will be available as described under the heading “Available Information” above.
To the extent the information contained in the prospectus supplement differs from the summaries provided in this prospectus, you should rely
on the information in the prospectus supplement.
We may from time to time offer to sell together or separately in one or more offerings:
|
|
•
|
|
debt securities consisting of senior notes, subordinated notes, debentures or other unsecured evidences of indebtedness, in one or more series, which may be convertible into or exchangeable for preferred stock or common
stock, and the payment obligations under any series of debt securities may be fully and unconditionally guaranteed by one or more of our subsidiaries;
|
|
|
•
|
|
common stock, par value $0.01 per share;
|
|
|
•
|
|
preferred stock, par value $0.01 per share, in one or more series, which may be convertible into or exchangeable for debt securities or common stock;
|
|
|
•
|
|
depositary shares representing an interest in a fractional share or multiple shares of our preferred stock;
|
|
|
•
|
|
warrants to purchase common stock, preferred stock or debt securities, which may be convertible into or exchangeable for common stock, preferred stock or debt securities;
|
|
|
•
|
|
rights to purchase common stock, preferred stock or warrants, which may be convertible into or exchangeable for our common stock, preferred stock or warrants;
|
|
|
•
|
|
purchase contracts; and
|
|
|
•
|
|
units that include any of these securities.
|
- 8 -
DESCRIPTION OF DEBT SECURITIES
This section describes the general terms and provisions of our debt securities that we may offer from time to time in one or more series. When
we offer to sell a particular series of debt securities we will provide the specific terms of the series in a prospectus supplement, which may provide information that is different from this prospectus. Accordingly, for a description of the terms of
any series of debt securities, you must refer to this prospectus, the prospectus supplement relating to that series and the related indenture and note. To the extent the information contained in the prospectus supplement differs from this summary
description, you should rely on the information in the applicable prospectus supplement, indenture and note.
The debt securities will
either be our senior debt securities or our subordinated debt securities. The senior debt securities and the subordinated debt securities will be issued under separate indentures between us and a Trustee. Senior debt securities will be issued under
a “senior indenture” and subordinated debt securities will be issued under a “subordinated indenture.” Together, the senior indenture and the subordinated indenture are called the “indentures.” As used in this
description, the words “we,” “us,” and “our” refer to Capital Senior Living Corporation, and not to any of our subsidiaries.
The following description of our debt securities is intended as a summary only and is qualified in its entirety by reference to the applicable
senior indenture, subordinated indenture, senior note and subordinated note, copies of which are filed as exhibits to, and incorporated by reference in, the registration statement of which this prospectus forms a part. In the summary below, we have
included references to article or section numbers of the applicable indenture so that you can easily locate these provisions. Whenever we refer in this prospectus or in the prospectus supplement to particular articles or sections or defined terms of
the indentures, those articles or sections or defined terms are incorporated by reference herein or therein, as applicable. The indentures will be subject to and governed by certain provisions of the Trust Indenture Act of 1939, as amended, or the
Trust Indenture Act, and we refer you to the indentures and the Trust Indenture Act for a statement of such provisions. Capitalized terms used in the below summary have the meanings specified in the indentures.
General
The debt securities will be our
direct, unsecured obligations, which may be senior or subordinated and convertible into shares of our common stock or preferred stock. The indentures do not limit the amount of debt securities that we may issue and permit us to issue debt securities
from time to time. The prospectus supplement relating to a particular series of debt securities will describe the specific terms of those debt securities and the indenture, which may include, without limitation, one or more of the following:
|
|
•
|
|
the designation, aggregate principal amount and authorized denominations of the debt securities;
|
|
|
•
|
|
whether the debt securities are senior debt securities or subordinated debt securities and, if subordinated debt securities, the related subordination terms;
|
|
|
•
|
|
any limit on the aggregate principal amount of the debt securities;
|
|
|
•
|
|
the dates on which the principal of the debt securities will be payable;
|
|
|
•
|
|
the interest rate that the debt securities will bear and the Interest Payment Dates for the debt securities;
|
|
|
•
|
|
the places where payments on the debt securities will be payable;
|
|
|
•
|
|
any terms upon which the debt securities may be redeemed, in whole or in part, at our option or at the option of the holders of the debt securities and the other detailed terms and provisions of such optional
redemption;
|
|
|
•
|
|
any conversion or exchange features;
|
|
|
•
|
|
any sinking fund or other provisions that would obligate us to repurchase or otherwise redeem the debt securities;
|
- 9 -
|
|
•
|
|
the portion of the principal amount, if less than all, of the debt securities that will be payable upon declaration of acceleration of the Maturity of the debt securities;
|
|
|
•
|
|
whether the debt securities are defeasible;
|
|
|
•
|
|
any addition to or change in the Events of Default;
|
|
|
•
|
|
whether the debt securities are convertible into or exchanged for our other securities (including our capital stock) and, if so, the terms and conditions upon which conversion or exchanges will be effected, including
the initial conversion price or conversion rate and any adjustments thereto and the conversion or exchange period;
|
|
|
•
|
|
any addition to or change in the covenants in the indenture applicable to the debt securities; and
|
|
|
•
|
|
any other terms of the debt securities not inconsistent with the provisions of the applicable indenture (Section 3.01).
|
Debt securities, including Original Issue Discount Securities, may be sold at a substantial discount below their principal amount. Special
United States Federal income tax considerations applicable to debt securities sold at an original issue discount may be described in the applicable prospectus supplement. In addition, special United States Federal income tax or other considerations
applicable to any debt securities that are denominated in a currency or currency unit other than United States dollars may be described in the applicable prospectus supplement.
Senior Debt Securities
The senior debt
securities will be our direct, unsecured obligations and will constitute senior indebtedness, in each case as defined in the applicable supplemental indenture, ranking on parity with all of our other unsecured and unsubordinated indebtedness.
Subordination of Subordinated Debt Securities
The indebtedness evidenced by the subordinated debt securities will, to the extent set forth in the subordinated indenture with respect to each
series of subordinated debt securities, be subordinate in right of payment to the prior payment of all of our senior debt, including the senior debt securities, and it may also be senior in right of payment to all of our subordinated debt (Article
14 of the subordinated indenture). The prospectus supplement relating to any subordinated debt securities will summarize the subordination provisions of the subordinated indenture applicable to that series including:
|
|
•
|
|
the applicability and effect of the subordination provisions upon any payment or distribution respecting that series following any liquidation, dissolution or other
winding-up,
or
any assignment for the benefit of creditors or other marshaling of assets or any bankruptcy, insolvency or similar proceedings;
|
|
|
•
|
|
the applicability and effect of the subordination provisions in the event of specified defaults with respect to any senior debt, including the circumstances under which and the periods in which we will be prohibited
from making payments on the subordinated debt securities; and
|
|
|
•
|
|
the definition of senior debt applicable to the subordinated debt securities of that series and, if the series is issued on a senior subordinated basis, the definition of subordinated debt applicable to that series.
|
The prospectus supplement will also describe as of a recent date the approximate amount of senior debt to which the
subordinated debt securities of that series will be subordinated. The subordinated indenture does not limit the amount of senior debt that we may incur. As a result of the subordination of the subordinated debt securities, if we become insolvent,
holders of subordinated debt securities may receive less on a proportionate basis than other creditors.
- 10 -
The failure to make payment on any of the subordinated debt securities by reason of the
subordination provisions of the subordinated indenture described in the prospectus supplement will not be construed as preventing the occurrence of an Event of Default with respect to the subordinated debt securities arising from the failure to make
such payment.
Subsidiary Guarantees
If the applicable prospectus supplement relating to a series of our senior debt securities provides that those senior debt securities will have
the benefit of a guarantee by any or all of our subsidiaries, payment of the principal, premium, if any, and interest on those senior debt securities will be unconditionally guaranteed on an unsecured, unsubordinated basis by such subsidiary or
subsidiaries. The guarantee of senior debt securities will rank on parity in right of payment with all of the other unsecured and unsubordinated indebtedness of such subsidiary or subsidiaries.
If the applicable prospectus supplement relating to a series of our subordinated debt securities provides that those subordinated debt
securities will have the benefit of a guarantee by any or all of our subsidiaries, payment of the principal, premium, if any, and interest on those subordinated debt securities will be unconditionally guaranteed on an unsecured, subordinated basis
by such subsidiary or subsidiaries. The guarantee of the subordinated debt securities will, to the extent set forth in the subordinated indenture with respect to each series of subordinated debt securities, be subordinate in right of payment to all
of such subsidiary’s or subsidiaries’ existing and future senior indebtedness (as defined in the related prospectus supplement), including any guarantee of the senior debt securities, to the same extent and in the same manner as the
subordinated debt securities are subordinated to our senior indebtedness (as defined in the related prospectus supplement). See “—Subordination of Subordinated Debt Securities” above.
The obligations of our subsidiaries under any such guarantee will be limited as necessary to prevent the guarantee from constituting a
fraudulent conveyance or fraudulent transfer under applicable law.
Denominations, Exchange and Transfer
The debt securities of each series will be issued in fully registered form, without coupons, and, unless otherwise specified in the applicable
prospectus supplement, only in denominations of $1,000 and integral multiples thereof (Section 3.02).
At the option of the holder,
subject to the terms of the applicable indenture and the limitations applicable to any Global Securities, debt securities of each series may be exchangeable for other debt securities of the same series of any authorized denomination and of a like
tenor and aggregate principal amount (Section 3.05).
Subject to the terms of the applicable indenture and the limitations applicable to
any Global Securities, debt securities may be presented for exchange as provided above or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed, at the office of the Security Registrar or at the
office of any transfer agent designated by us for such purpose. No service charge will be made for any registration of transfer or exchange of debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental
charge payable in that connection. Such transfer or exchange will be effected upon the Security Registrar or such transfer agent, as the case may be, being satisfied with the documents of title and identity of the person making the request. The
Security Registrar and any other transfer agent initially designated by us for any debt securities will be named in the applicable prospectus supplement (Section 3.05). We may at any time designate additional transfer agents or rescind the
designation of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each Place of Payment for the debt securities of each series (Section 10.02).
If the debt securities of any series, or of any series and specified tenor, are to be redeemed in part, we will not be required to
(i) issue, register the transfer of or exchange any debt securities of that series, or of that series
- 11 -
and specified tenor, as the case may be, during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of any such debt securities selected for
redemption and ending at the close of business on the day of such mailing or (ii) register the transfer of or exchange any debt security so selected for redemption, in whole or in part, except the unredeemed portion of any the debt security
being redeemed in part (Section 3.05).
Modification and Waiver
We and the Trustee may, without the consent of the holders of the debt securities, enter into one or more supplemental indentures for, among
other things, any of the following purposes:
|
|
•
|
|
to evidence the succession of another person to us, and the assumption by such successor of our obligations under the applicable indenture and the debt securities;
|
|
|
•
|
|
to add covenants by us, or to surrender any of our rights conferred by the applicable indenture, for the benefit of the holders of the debt securities of any and all series;
|
|
|
•
|
|
to add Events of Default for the benefit of the holders of the debt securities of any and all series;
|
|
|
•
|
|
to establish the form or terms of any series of the debt securities;
|
|
|
•
|
|
to evidence and provide for the acceptance of any successor Trustee with respect to one or more series of the debt securities and to add or change any of the provisions of the applicable indenture to provide for or
facilitate the administration of the trusts thereunder by more than one Trustee pursuant to the requirements of the applicable indenture;
|
|
|
•
|
|
to add to, change or eliminate any of the provisions of the applicable indenture; provided that any such addition, change or elimination shall (a) neither (i) apply to any debt security of any series created prior
to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the holders of any such debt security with respect to such provision, or (b) become effective only when there is no
such debt security Outstanding;
|
|
|
•
|
|
to cure any ambiguity, defect or inconsistency in, or make any other provision with respect to questions arising under, the applicable indenture; provided that such action does not adversely affect the interests of the
holders of the debt securities thereunder in any material respect; or
|
|
|
•
|
|
to supplement any provisions of the applicable indenture necessary to permit or facilitate the defeasance and discharge of any series of the debt securities; provided that such action does not adversely affect the
interests of the holders of the debt securities thereunder (Section 9.01).
|
In addition, with the consent of the holders of
not less than a majority in aggregate principal amount of the Outstanding debt securities of each series affected, we and the Trustee may enter into one or more supplemental indentures for the purpose of adding any provisions to, or changing or
eliminating any provisions of, the applicable indenture, or modifying in any manner the rights of the holders of the debt securities of any series and subsidiary guarantees, if any, under the applicable indenture; provided, however, that no such
supplemental indenture shall, without the consent of the holders of each Outstanding debt security affected thereby:
|
|
•
|
|
change the Stated Maturity of the principal of, or any installment of principal of or interest on, any debt security;
|
|
|
•
|
|
reduce the principal amount of, or any premium payable upon redemption of or rate of interest on, any debt security;
|
|
|
•
|
|
reduce the amount of principal of an Original Issue Discount Security or any other debt security payable upon acceleration of the maturity thereof;
|
|
|
•
|
|
change our obligation to maintain an office or agency for payment of any debt securities or the currency in which any debt security is payable;
|
- 12 -
|
|
•
|
|
impair the right to institute suit for the enforcement of any payment due on or after the stated maturity of, or the redemption date of, the debt security, or alter the method of computation of interest;
|
|
|
•
|
|
reduce the percentage in principal amount of Outstanding debt securities of any series that must consent to a supplemental indenture or any waiver provided for in the applicable indenture;
|
|
|
•
|
|
with certain exceptions, modify any of the provisions of the applicable indenture relating to (a) the execution of supplemental indentures with the consent of the holders of the debt securities and (b) waivers
of past defaults and covenants by holders of the debt securities;
|
|
|
•
|
|
in the case of a series of subordinated debt securities, modify any of the applicable subordination provisions in a manner adverse to the holders of the subordinated debt securities or any Outstanding senior debt
securities (Section 9.02); or
|
|
|
•
|
|
release any guarantor from any of its obligations under its securities guarantee or the indenture, except in accordance with the terms of the indenture, as amended or supplemented (Section 9.01).
|
The Holders of a majority in principal amount of the Outstanding debt securities of any series may waive compliance by us with certain
restrictive provisions of the applicable indenture (Section 10.06). The holders of a majority in principal amount of the Outstanding debt securities of any series may waive any past default under the applicable indenture, except a default in the
payment of principal, premium or interest and certain covenants and provisions of the indenture which cannot be amended without the consent of the holder of each Outstanding debt security of such series (Section 5.13).
Each of the indentures provides that in determining whether the holders of the requisite principal amount of the Outstanding debt securities
have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action under the applicable indenture as of any date:
|
|
(1)
|
the principal amount of an Original Issue Discount Security that will be deemed to be Outstanding will be the amount of the principal that would be due and payable as of such date upon acceleration of the maturity to
such date;
|
|
|
(2)
|
if, as of such date, the principal amount payable at the Stated Maturity of a debt security is not determinable, the principal amount of such debt security deemed to be Outstanding as of such date will be the amount
determined in the manner prescribed for such debt security; and
|
|
|
(3)
|
the principal amount of a debt security denominated in one or more foreign currencies or currency units that will be deemed to be Outstanding will be the U.S. dollar equivalent, determined as of such date in the manner
prescribed for such debt security, of the principal amount of such debt security (or, in the case of a debt security described in Clause (1) or (2) above, of the amount determined in such Clause).
|
Certain debt securities, including those owned by us or any of our Affiliates, will not be deemed to be Outstanding (Section 1.01).
Except in certain limited circumstances, we will be entitled to set any day as a record date for the purpose of determining the holders of
Outstanding debt securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action under the applicable indenture, in the manner and subject to the limitations provided in
the applicable indenture. In certain limited circumstances, the Trustee will be entitled to set a record date for action by the holders. If a record date is set for any action to be taken by the holders of a particular series, only persons who are
holders of Outstanding debt securities of that series on the record date may take such action. To be effective, such action must be taken by the holders of the requisite principal amount of such debt securities within a specified period following
the record date. For any particular record date, this period will be 180 days or such other period as may be specified by us (or the Trustee, if it set the record date), and may be shortened or lengthened (but not beyond 180 days) from time to time
(Section 1.04).
- 13 -
Events of Default
Except as otherwise set forth in any prospectus supplement relating to any debt securities, an Event of Default with respect to the debt
securities of any series is defined in the indentures as:
|
|
(1)
|
default in the payment of any interest upon any of the debt securities of such series as and when the same shall become due and payable, and continuance of such default for a period of 30 days; or
|
|
|
(2)
|
default in the payment of principal of or any premium on the debt securities of such series at its maturity; or
|
|
|
(3)
|
default in the deposit of any sinking fund payment, when and as due by the terms of the debt securities of such series; or
|
|
|
(4)
|
default in the performance, or breach, of any of our covenants set forth in the applicable indenture (other than a default included in the indenture solely for the benefit of a series other than that series) and
continuance of such default or breach for a period of 90 days after due notice by the Trustee or by the holders of at least 25% in principal amount of the Outstanding debt securities of that series; or
|
|
|
(5)
|
certain events of bankruptcy, insolvency or reorganization affecting us (Section 5.01).
|
Any
additions, deletions or other changes to the Events of Default which will apply to a series of debt securities will be described in the prospectus supplement relating to such debt securities.
If an Event of Default (other than an Event of Default with respect to us described in Clause (5) above) with respect to the debt
securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the holders of not less than 25% in principal amount of the Outstanding debt securities of that series by notice as provided in the
applicable indenture may declare the principal amount of all the debt securities of that series (or, if the debt securities of that series are Original Issue Discount Securities, such portion of the principal amount of such debt securities as may be
specified by the terms thereof) to be due and payable immediately. If an Event of Default with respect to us described in Clause (5) above with respect to the debt securities of that series at the time Outstanding occurs, the principal amount
of all the debt securities of that series (or, if the debt securities of that series are Original Issue Discount Securities, such portion of the principal amount of such debt securities as may be specified by the terms thereof) will automatically,
and without any declaration or other action on the part of the Trustee or any holder, become immediately due and payable. At any time after such a declaration of acceleration with respect to the debt securities of any series has been made and before
a judgment or decree for payment of the money due has been obtained by the Trustee, the holders of a majority in principal amount of the Outstanding debt securities of that series may, under certain circumstances, rescind and annul such declaration
(Section 5.02).
Under the indentures, the Trustee must give to the holders of the debt securities of any series notice of all uncured
defaults known to it with respect to such series within 90 days after such a default occurs. However, except in the case of a default in the payment of principal of or any premium or interest on the debt securities of any series, or default in the
payment of any sinking or purchase fund installment with respect to such debt securities, the Trustee shall be protected in withholding such notice if it determines in good faith that the withholding of such notice is in the interests of the holders
of the debt securities of such series (Section 6.02).
Subject to the provisions of the indentures relating to the duties of the Trustees
in case an Event of Default has occurred and is continuing, each Trustee will be under no obligation to exercise any of its rights or powers under the applicable indenture at the request or direction of any of the holders, unless such holders have
offered to such Trustee reasonable indemnity (Section 6.03). Subject to such provisions for the indemnification of the Trustees, the holders of a majority in principal amount of the Outstanding debt securities of any series will have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the debt securities of that series; provided that such direction does
not conflict with any rule of law or the applicable indenture and subject to certain other limitations (Section 5.12).
- 14 -
No holder of any debt security of any series will have any right to institute any proceeding with
respect to the applicable indenture, unless
|
|
•
|
|
such holder has previously given the Trustee under the applicable indenture written notice of a continuing Event of Default with respect to the debt securities of that series;
|
|
|
•
|
|
the holders of at least 25% in principal amount of the Outstanding debt securities of that series have made written request to the Trustee to institute proceedings as Trustee;
|
|
|
•
|
|
such holder or holders have offered, and if requested, provided to the Trustee reasonable indemnity;
|
|
|
•
|
|
the Trustee for 60 days after its receipt of such request has failed to institute such proceeding; and
|
|
|
•
|
|
the Trustee has not received directions inconsistent with such request from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series (Section 5.07).
|
However, such limitations do not apply to a suit instituted by a holder of a debt security for the enforcement of payment of the principal of
and any premium and interest on such debt security on or after the applicable due date specified in such debt security (Section 5.08).
We
are required to furnish to each Trustee annually a statement by certain of our officers as to whether or not we, to their best knowledge, are in default in the performance or observance of any of the terms, provisions and conditions of the
applicable indenture and, if so, specifying all such known defaults and the nature and status thereof (Section 10.04).
Payment and Paying Agents
Unless otherwise indicated in the applicable prospectus supplement, payment of interest on a debt security on any Interest Payment
Date will be made to the person in whose name such debt security (or one or more predecessor debt securities) is registered at the close of business on the Regular Record Date for such interest (Section 3.07).
Unless otherwise indicated in the applicable prospectus supplement, principal of and any premium and interest on the debt securities of a
particular series will be payable at the office of the Paying Agent or Paying Agents as we may designate for such purpose from time to time, except that at our option payment of any interest on debt securities in certificated form may be made by
check mailed to the address of the person entitled thereto as such address appears in the debt securities’ register. Unless otherwise indicated in the applicable prospectus supplement, the Corporate Trust Office of the Trustee under the senior
indenture in the City of New York will be designated as sole Paying Agent for payments with respect to senior debt securities of each series, and the corporate trust office of the Trustee under the subordinated indenture in the City of New York will
be designated as the sole Paying Agent for payment with respect to subordinated debt securities of each series. Any other Paying Agents initially designated by us for the debt securities of a particular series will be named in the applicable
prospectus supplement. We may at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that we will be required to maintain a Paying
Agent in each place of payment for the debt securities of a particular series (Section 10.02).
All money paid by us to a Paying Agent for
the payment of the principal of or any premium or interest on any debt security that remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of such debt
security thereafter may look only to us for payment (Section 10.03).
- 15 -
Consolidation, Merger, Conveyance, Transfer or Lease
We may not consolidate with or merge into any other person, or convey, transfer or lease all or substantially all of our property and assets to
another person, unless:
|
|
•
|
|
the person formed by such consolidation, or into which we are merged, or the person which acquires by conveyance or transfer, or which leases, our properties and assets is a domestic corporation or partnership and
expressly assumes the due and punctual payment of the principal of and any premium and interest on all debt securities and the performance of every covenant applicable to be performed by us;
|
|
|
•
|
|
immediately after giving effect to such transaction, no Event of Default shall exist and no event which after notice or lapse of time or both, would become an Event of Default; and
|
|
|
•
|
|
we deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture complies with the forgoing provisions relating to such transaction (Section 8.01).
|
Satisfaction and Discharge
Each
indenture will be discharged and will cease to be of further effect as to all Outstanding debt securities of any series and guarantees issued thereunder (except for certain surviving rights and obligations), when:
|
|
(i)
|
all Outstanding debt securities of that series that have been authenticated (except lost, stolen or destroyed debt securities that have been replaced or paid and debt securities for whose payment money has theretofore
been deposited in trust and thereafter repaid to us) have been delivered to the Trustee for cancellation; or
|
|
|
(ii)
|
all Outstanding debt securities of that series that have not been delivered to the Trustee for cancellation have become due and payable or will become due and payable at their Stated Maturity within one year or are to
be called for redemption within one year under arrangements satisfactory to the Trustee, and in any case we or the guarantors, if any, have deposited with the Trustee as trust funds in an amount sufficient to pay the entire indebtedness of such debt
securities not delivered to the Trustee for cancellation, for principal and any premium and interest to the date of deposit or to the Stated Maturity or Redemption Date, as the case may be.
|
|
|
•
|
|
we have paid or caused to be paid all other sums payable by us under the applicable indenture with respect to the debt securities of that series; and
|
|
|
•
|
|
we have delivered an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to the satisfaction and discharge of the applicable indenture with respect to the debt
securities of that series have been complied with (Section 4.01).
|
Defeasance and Covenant Defeasance
If the provisions in the applicable indenture relating to defeasance and covenant defeasance are made applicable to the debt securities of any
series, we may elect either:
|
|
•
|
|
defeasance, which means we elect to defease and be discharged from any and all obligations with respect to the debt securities and all obligations of any guarantors of such debt securities shall be discharged with
respect to their guarantees, except for the obligations to register the transfer or exchange of the debt securities, to replace temporary or mutilated, destroyed, lost or stolen debt securities, to maintain an office or agency in respect of the debt
securities and to hold moneys for payment in trust (Section 13.02); or
|
- 16 -
|
|
•
|
|
covenant defeasance, which means we elect to be released from our obligations with respect to the debt securities under specified sections of the applicable indenture relating to covenants, as described in the
applicable prospectus supplement and any omission to comply with our obligations will not constitute an Event of Default with respect to the debt securities (Section 13.03);
|
in either case upon the irrevocable deposit by us with the applicable Trustee, in trust, of an amount, in currency or currencies or US
Government Obligations, or both, sufficient without reinvestment to make scheduled payments of the principal of, and premium, if any, and interest on the debt securities, when due, whether at maturity, upon redemption or otherwise, and any mandatory
sinking fund or analogous payments (Section 13.04).
A trust will only be permitted to be established if, among other things:
|
|
•
|
|
we have delivered to the applicable Trustee an Opinion of Counsel, as specified in the applicable indenture, to the effect that the holders of the debt securities will not recognize gain or loss for federal income tax
purposes as a result of the defeasance or covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the defeasance or covenant defeasance had not
occurred, and the Opinion of Counsel, in the case of defeasance, will be required to refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable U.S. Federal income tax law occurring after the date of the applicable
indenture;
|
|
|
•
|
|
no Event of Default or any event which after notice or lapse of time or both would be an Event of Default has occurred;
|
|
|
•
|
|
the deposit will not result in a breach or violation of, or constitute a default under, any material agreement or instrument to which we are a party or by which we are bound;
|
|
|
•
|
|
certain other provisions set forth in the applicable indenture are met; and
|
|
|
•
|
|
we will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance have been complied with (Section 13.04).
|
In general, if we elect covenant defeasance with respect to any debt securities and payments on those debt securities are
declared due and payable because of the occurrence of an Event of Default, the amount of money and US Government Obligations on deposit with the applicable Trustee would be sufficient to pay amounts due on those debt securities at the time of their
Stated Maturity, but may not be sufficient to pay amounts due on those debt securities at the time of the acceleration resulting from the Event of Default. In that case, we would remain liable to make payment of the amounts due on the debt
securities at the time of acceleration.
The applicable prospectus supplement may further describe the provisions, if any, permitting
defeasance or covenant defeasance, including any modifications to the provisions described above, with respect to the debt securities of or within a particular series.
Governing Law
The indentures and the
debt securities will be governed by, and construed in accordance with, the laws of the State of New York (Section 1.12).
- 17 -
DESCRIPTION OF GUARANTEES OF DEBT SECURITIES
One or more of our subsidiaries may issue guarantees of debt securities that we offer in any prospectus supplement. Each guarantee will be
issued under a supplement to an indenture. The prospectus supplement relating to a particular issue of guarantees will describe the terms of those guarantees, which may include, without limitation, one or more of the following:
|
|
•
|
|
the series of debt securities to which the guarantees apply;
|
|
|
•
|
|
whether the guarantees are senior or subordinate to other guarantees or debt;
|
|
|
•
|
|
the terms under which the guarantees may be amended, modified, waived, released or otherwise terminated, if different from the provisions applicable to the guaranteed debt securities; and
|
|
|
•
|
|
any additional terms of the guarantees.
|
- 18 -
DESCRIPTION OF CAPITAL STOCK
The following is a summary description of the rights of our common stock and preferred stock and related provisions of our Amended and
Restated Certificate of Incorporation, as amended, or our Certificate of Incorporation, and our Second Amended and Restated Bylaws, as amended, or our Bylaws. The following description of our capital stock is intended as a summary only and is
qualified in its entirety by reference to our Certificate of Incorporation and our Bylaws, copies of which are filed as exhibits to the registration statement of which this prospectus forms a part.
Authorized Capitalization
As of
October 31, 2016, our authorized capital stock consisted of 65,000,000 shares of common stock, par value $0.01 per share, of which 29,989,342 shares were issued and outstanding, and 15,000,000 shares of preferred stock, par value $0.01 per
share, of which no shares were issued and outstanding.
Common Stock
Subject to the provisions of our Certificate of Incorporation and limitations prescribed by law or the rules of any stock exchange or automated
quotation system on which our securities may be listed or traded, we may issue our common stock from time to time upon such terms and for such consideration as may be determined by our Board of Directors. Generally, the issuance of common stock, up
to the aggregate amounts authorized by our Certificate of Incorporation and any limitations prescribed by law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded, will not require approval
of our stockholders.
Voting Rights
.
The holders of our common stock are entitled to one vote per share on all matters to be
voted on by stockholders generally, including the election of directors. There are no cumulative voting rights, meaning that the holders of a majority of the shares voting for the election of directors can elect all of the directors standing for
election.
Dividend Rights
.
The holders of our common stock are entitled to receive dividends (payable in cash, stock or
otherwise), subject to any rights and preferences of any outstanding preferred stock, but only when and as declared by our Board of Directors out of the assets legally available for dividend payments.
Liquidation Rights
.
In the event of any liquidation, dissolution or winding up of our company, after there is paid to or set
aside for the holders of any class of stock having preference over our common stock the full amount to which such holders are entitled, then the holders of the common stock, shall be entitled, after payment or provision for payment of all debts and
liabilities of our company, to receive the remaining assets of our company available for distribution.
Other Matters
.
Our
common stock carries no preemptive or other subscription rights to purchase shares of our stock and is not convertible, redeemable or assessable or entitled to the benefits of any sinking fund.
Our common stock is listed on the New York Stock Exchange and trades under the ticker symbol “CSU.” Our transfer agent and registrar
is Computershare Shareowner Services LLC.
The rights, powers, preferences and privileges of holders of our common stock are subject to,
and may be adversely affected by, the rights of the holders of any series of our preferred stock.
Preferred Stock
Subject to the provisions of our Certificate of Incorporation and limitations prescribed by law or the rules of any stock exchange or automated
quotation system on which our securities may be listed or traded, we may issue
- 19 -
our preferred stock in one or more series from time to time upon such terms and for such consideration as may be determined by our Board of Directors. Generally, the issuance of preferred stock,
up to the aggregate amounts authorized by our Certificate of Incorporation and any limitations prescribed by law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded, will not require
approval of our stockholders. Our Board of Directors has the authority to determine the number of shares of, and the rights, preferences and limitations of, each series of preferred stock, including, without limitation, the dividend rights, voting
powers, preemptive rights, conversion or exchange rights, redemption rights, and liquidation preferences of any series of preferred stock.
The specific terms of any offering of preferred stock under this prospectus will be described in a prospectus supplement, which may include,
without limitation, one or more of the following:
|
|
•
|
|
the designation, number of shares, seniority and purchase price of such series of preferred stock;
|
|
|
•
|
|
any liquidation preferences;
|
|
|
•
|
|
any redemption, repayment or sinking fund provisions;
|
|
|
•
|
|
any dividend rights, any dividend rate or rates, and the dates and places on which any such dividends will be payable;
|
|
|
•
|
|
whether such preferred stock is convertible or exchangeable and, if so, the securities or rights into which such preferred stock is convertible or exchangeable, and the terms and conditions upon which such conversions
or exchanges will be effected, including conversion or exchange prices or rates, the conversion or exchange period and any other related provisions; and
|
|
|
•
|
|
any other rights, preferences, privileges, limitations and restrictions of such series of preferred stock.
|
All shares of preferred stock offered will, when issued, be validly issued, fully paid and nonassessable.
The issuance of preferred stock, while providing desired flexibility in connection with possible acquisitions and other corporate purposes,
could reduce the relative voting power of holders of our common stock. It could also delay a change in control of us, make it more difficult to remove our directors, and negatively affect any dividend payments or liquidation payments to the holders
of our common stock.
Registration Rights
Under our employment agreement with Lawrence A. Cohen, our Chief Executive Officer, Vice Chairman of the Board and director, Mr. Cohen is
entitled to certain rights with respect to the registration under the Securities Act of our securities he holds. Under Mr. Cohen’s employment agreement, if we propose to register any of our securities under the Securities Act, either for
our own account or the account of other security holders, Mr. Cohen is entitled to notice of the registration and has the right to include the securities of ours that he holds in the registration. Mr. Cohen’s registration rights are
subject to certain conditions, including the right of any underwriters of these offerings to limit the number of shares included in any of these registrations. We have agreed to pay all expenses related to these registrations, except for
underwriting discounts and selling commissions.
Anti-Takeover Provisions of Our Certificate of Incorporation and Bylaws and the Delaware General
Corporation Laws
Our Certificate of Incorporation and Bylaws and the Delaware General Corporation Laws contain provisions that could
have the effect of delaying, deferring or discouraging another party from acquiring control of us. These provisions, which are summarized below, are designed to, among other things, discourage coercive takeover practices and inadequate takeover bids
and encourage persons seeking to acquire control of us to first negotiate with our Board of Directors in hopes of improving the terms of any such takeover bids.
- 20 -
Authorized but Unissued Capital Stock.
We have 65,000,000 authorized shares of common
stock and 15,000,000 authorized shares of preferred stock. Due to our authorized but unissued common stock and preferred stock, our Board of Directors may be able to discourage or make any attempt to obtain control of us more difficult. If, in the
exercise of its fiduciary obligations, our Board of Directors determines that a takeover proposal is not in our best interest, the Board of Directors could issue a portion of these shares without stockholder approval, subject to any limitations
prescribed by law or the rules of any stock exchange or automated quotation or system on which our securities may be listed or traded. These shares could be issued in one or more transactions that might prevent or make the completion of a proposed
change of control transaction more difficult or costly by:
|
|
•
|
|
diluting the voting or other rights of the proposed acquiror or insurgent stockholder group;
|
|
|
•
|
|
creating a substantial voting block in institutional or other hands that might undertake to support the position of the incumbent Board of Directors; or
|
|
|
•
|
|
effecting an acquisition that might complicate or preclude the takeover.
|
In this regard, our
Certificate of Incorporation grants our Board of Directors broad power to establish the rights, preferences and limitations of the authorized and unissued shares of our preferred stock. For example, our Board of Directors could establish one or more
series of preferred stock that entitle holders to:
|
|
•
|
|
vote separately as a class on any proposed merger or consolidation;
|
|
|
•
|
|
cast a proportionately larger vote together with our common stock on any proposed transaction or other voting matter;
|
|
|
•
|
|
elect directors having terms of office or voting rights greater than those of our other directors;
|
|
|
•
|
|
convert preferred stock into a greater number of shares of our common stock or other securities;
|
|
|
•
|
|
demand redemption at a specified price under prescribed circumstances related to a change of control of us; or
|
|
|
•
|
|
exercise other rights designed to impede a takeover.
|
Stockholder Action by Written
Consent; Special Meetings of Stockholders.
Our Certificate of Incorporation and Bylaws provide that any action required or permitted to be taken by our stockholders must be taken at an annual or special meeting of stockholders, and may not be
taken by the written consent of our stockholders, unless such consent is unanimous. In addition, our Certificate of Incorporation and Bylaws provide that special meetings of stockholders may, subject to the rights of holders of any series of
preferred stock and unless otherwise prescribed by statute, be called only by our Board of Directors, the Chairman of our Board or stockholders possessing at least 25% of the voting power of our issued and outstanding voting stock. These provisions
of our Certificate of Incorporation could delay or discourage our stockholders from approving a proposed change of control transaction or taking other action, and may only be amended or repealed by the affirmative vote of at least
two-thirds
of the voting power of our issued and outstanding voting stock.
Amendment of our Bylaws.
Our Certificate of Incorporation and Bylaws grant our Board of Directors the power to adopt, amend and repeal our Bylaws upon the affirmative vote of at least a majority of the whole Board. Our stockholders may also adopt, amend or repeal our
Bylaws by the affirmative vote of the holders of at least
two-thirds
of the voting power of our issued and outstanding voting stock.
Classified Board; Election and Removal of Directors.
Our directors are divided into three classes serving staggered three-year terms,
with only one class being elected each year by our stockholders. At each annual meeting of stockholders, directors are elected to succeed the class of directors whose terms have expired. The number of directors on the Board generally will be fixed
exclusively by, and may be increased or decreased exclusively by, our Board of Directors but in no event will be less than three nor more than nine.
- 21 -
Directors may be removed only for cause and by the affirmative vote of a majority of our
securities then entitled to vote at an election of directors. A vacancy on our Board of Directors may be filled by the affirmative vote of a majority of the directors in office, and any director appointed to fill a vacancy serves for the remainder
of the term of the class of directors in which the vacancy occurred.
This system of electing and removing directors may discourage a
third party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors.
Advance Notice Procedures for Director Nominations and Stockholder Proposals
.
Our Certificate of Incorporation provides the
manner in which stockholders may give notice of business to be brought before an annual meeting of stockholders, including proposed nominations of persons for election to our Board of Directors. Notice of stockholder proposals and director
nominations must be timely given in writing to our Corporate Secretary. For notice to be timely, it must be delivered to, or mailed and received at, our principal executive offices not less than 60 days nor more than 90 days prior to the scheduled
date of the meeting; provided, however, that if less than 70 days’ notice or prior public disclosure of the date of the meeting is given or made to stockholders, notice by the stockholder must be delivered or received not later than the close
of business on the tenth day following the earlier of (i) the day on which such notice of the date of meeting was mailed or (ii) the day on which public disclosure was made.
With respect to stockholders proposal, the notice must set forth, as to each item to be brought before the annual meeting, a description of
the proposal and the reasons for conducting such business at the annual meeting, the name and address, as they appear on our books, of the stockholder proposing the item and any other stockholders known by such stockholder to be supporting the
proposal, the number of shares of each class or series of capital stock beneficially owned by the stockholder and each other stockholders known by such stockholder to be supporting the proposal as of the date of the notice, and a description of any
interest of the stockholder in the proposal. With respect to director nominations, in addition to the stockholder’s information set forth above the notice must set forth, as to each person whom the stockholder proposes to nominate, the name,
age and business and residential addresses of such nominee, the principal occupation or employment of such nominee, the number of shares of each class or series of capital stock beneficially owned by such nominee as of the date of the notice, any
other information relating to such nominee that is required to be disclosed in solicitations of proxies for the election of directors pursuant to Regulation 14A under the Exchange Act, and a description of all arrangements or understandings between
the stockholder and such nominee and any other person pursuant to which the nomination is being made.
These procedures may limit the
ability of stockholders to bring business before a stockholders meeting, including the nomination of directors.
Delaware Anti-Takeover
Law.
We are a Delaware corporation subject to Section 203 of the Delaware General Corporation Law, which regulates corporate acquisitions. Section 203 prevents an “interested stockholder,” which is defined generally as a
person who, together with his or her affiliates and associates, owns 15% or more of a corporation’s outstanding voting stock, from engaging in a broad range of “business combinations” with the corporation for three years after
becoming an interested stockholder unless:
|
|
•
|
|
the board of directors of the corporation had previously approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
|
|
|
•
|
|
upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction
commenced, excluding shares owned by persons who are directors and also officers and shares owned in employee stock plans in which participants do not have the right to determine confidentially whether shares held subject to the plan will be
tendered in a tender or exchange offer; or
|
- 22 -
|
|
•
|
|
the business combination is approved by the board of directors of the corporation and holders of at least
two-thirds
of the outstanding voting stock, which is not owned by the
interested stockholder.
|
Section 203 may make it more difficult for an interested stockholder to effect various
business combinations with us for a three-year period.
The above description of Section 203 of the Delaware General Corporation Law
is intended as a summary only and is qualified in its entirety by reference to Section 203 of the Delaware General Corporation Law.
Limitation of
Liability of Directors
Our directors will not be personally liable to us or our stockholders for monetary damages for breach of
fiduciary duty as a director, except, if required by Delaware law, for liability:
|
|
•
|
|
for any breach of the duty of loyalty to us or our stockholders;
|
|
|
•
|
|
for acts or omissions not in good faith or involving intentional misconduct or a knowing violation of law;
|
|
|
•
|
|
for unlawful payment of a dividend or unlawful stock purchases or redemptions; and
|
|
|
•
|
|
for any transaction from which the director derived an improper personal benefit.
|
As a
result, neither we nor our stockholders have the right, through stockholders’ derivative suits on our behalf, to recover monetary damages against a director for breach of fiduciary duty as a director, including breaches resulting from grossly
negligent behavior, except in the situations described above.
- 23 -
DESCRIPTION OF DEPOSITARY SHARES
Set forth below is a description of the general terms and conditions of the depositary shares that may be offered under this prospectus. The
specific terms and conditions of the depositary shares will be described in a supplement to this prospectus. Any prospectus supplement may add, change, update or supersede the terms and conditions of the depositary shares as described in this
prospectus. To the extent the information contained in the applicable prospectus supplement differs from the description set forth below, you should rely on the information in the applicable prospectus supplement, deposit agreement and depositary
receipts.
General
We may elect to
offer fractional shares or some multiple of shares of preferred stock, rather than offer whole shares of preferred stock. If we choose to do this, we will issue receipts for depositary shares. Each depositary share will represent a fraction or some
multiple of a share of a particular series of preferred stock.
The shares of any series of preferred stock underlying the depositary
shares will be deposited under a separate deposit agreement between us and a bank or trust company, which we will select. The bank or trust company must have its principal office in the United States and a combined capital and surplus of at least
$500,000,000. The prospectus supplement relating to a series of depositary shares will state the name and address of the depositary. Unless otherwise provided by the deposit agreement, each owner of depositary shares will be entitled, in proportion
to the applicable fraction or multiple of a share of preferred stock underlying the depositary shares, to all the rights and preferences of the preferred stock underlying the depositary shares including dividend, voting, redemption, conversion and
liquidation rights.
The depositary shares will be evidenced by depositary receipts issued under the deposit agreement. Depositary
receipts will be distributed to those persons purchasing the fractional interest in or multiple of shares of the related series of preferred stock in accordance with the terms of the offering described in the related prospectus supplement.
Dividends and other Distributions
The
depositary will distribute all cash dividends or other cash distributions received with respect to preferred stock to the record holders of depositary shares relating to the preferred stock in proportion to the numbers of the depositary shares owned
by the holders on the relevant record date. However, the depositary will distribute only an amount that can be distributed without attributing to any holder of depositary shares a fraction of one cent, and any balance not so distributed will be
added to and treated as part of the next sum received by the depositary for distribution to record holders of depositary shares.
If there
is a
non-cash
distribution, the depositary will distribute property received by it to the record holders of depositary shares entitled to it, unless the depositary determines that it is not feasible to make
the distribution. If this happens, the depositary may, with our approval, sell the property and distribute the net sale proceeds to the holders.
Redemption of Depositary Shares
If a
series of the preferred stock underlying the depositary shares is redeemed in whole or in part, the depositary shares will be redeemed from the redemption proceeds received by the depositary. The redemption price for each depositary share will be
equal to the applicable fraction or multiple of the redemption price for each share payable with respect to the series of the preferred stock. Whenever we redeem shares of preferred stock held by the depositary, the depositary will redeem on the
same redemption date the number of depositary shares relating to the shares of preferred stock so redeemed. If less than all of the depositary shares are to be redeemed, the depositary shares to be redeemed will be selected by lot or proportionally
as may be determined by the depositary.
- 24 -
After the date fixed for redemption, the depositary shares called for redemption will no longer
be considered outstanding and all rights of the holders of depositary shares will cease, except the right to receive the money, securities or other property payable upon the redemption and any money, securities or other property to which the holders
of the redeemed depositary shares were entitled upon surrender to the depositary of the depositary receipts evidencing the depositary shares.
Voting
the Preferred Stock
Upon receipt of notice of any meeting at which the holders of the preferred stock are entitled to vote, the
depositary will mail the information contained in the notice of meeting to the record holders of depositary shares relating to the preferred stock. Each record holder of depositary shares on the record date, which will be the same date as the record
date for the preferred stock, will be entitled to instruct the depositary how to exercise the voting rights pertaining to the number of shares of preferred stock underlying the holder’s depositary shares. The depositary will endeavor, to the
extent practicable, to vote the number of shares of preferred stock underlying the depositary shares in accordance with these instructions, and we will agree to take all action that the depositary may consider necessary in order to enable the
depositary to vote the shares.
Amendment and Termination of Deposit Agreement
We may enter into an agreement with the depositary at any time to amend the form of depositary receipt evidencing the depositary shares and any
provision of the deposit agreement. However, the holders of a majority of the depositary shares must approve any amendment that materially and adversely alters the rights of the existing holders of depositary shares. We or the depositary may
terminate the deposit agreement only if (i) all outstanding depositary shares issued under the agreement have been redeemed, or (ii) a final distribution in connection with any liquidation, dissolution or winding up has been made to the
holders of depositary shares.
Charges of Depositary
We will pay all transfer and other taxes and governmental charges arising solely from the existence of the deposit arrangements. We will also
pay charges of the depositary in connection with the initial deposit of the preferred stock and any redemption of the preferred stock. Holders of depositary shares will pay transfer and other taxes and governmental charges and such other charges as
are expressly provided in the deposit agreement to be for their accounts.
Resignation and Removal of Depositary
The depositary may resign at any time by delivering to us notice of its election to resign, and we may at any time remove the depositary. Any
resignation or removal will take effect when a successor depositary has been appointed and has accepted the appointment. Appointment must occur within 60 days after delivery of the notice of resignation or removal. The successor depositary must be a
bank or trust company having its principal office in the United States and having a combined capital and surplus of at least $500,000,000.
Miscellaneous
The depositary will
forward to the holders of depositary shares all reports and communications that we deliver to the depositary and that we are required to furnish to the holders of the preferred stock.
Neither the depositary nor we will be liable if either of us are prevented or delayed by law or any circumstance beyond our control in
performing our obligations under the deposit agreement. Our obligations and those of the depositary will be limited to performance in good faith of our duties under the deposit agreement. Neither we nor the depositary will be obligated to prosecute
or defend any legal proceeding in respect of any depositary shares or preferred stock unless satisfactory indemnity is furnished. Further, both of us may rely upon written advice of counsel or accountants, or upon information provided by persons
presenting preferred stock for deposit, holders of depositary receipts or other persons believed to be competent and on documents believed to be genuine.
- 25 -
DESCRIPTION OF WARRANTS
Set forth below is a description of the general terms and conditions of the warrants that may be offered under this prospectus. The specific
terms and conditions of the warrants will be described in a supplement to this prospectus. Any prospectus supplement may add, change, update or supersede the terms and conditions of the warrants as described in this prospectus. To the extent the
information contained in the applicable prospectus supplement differs from the description set forth below, you should rely on the information in the applicable prospectus supplement, warrant agreement and warrant certificate.
General
We may issue warrants for the
purchase of our common stock, preferred stock or debt securities. Warrants may be issued independently or together with any of our common stock, preferred stock, rights or debt securities offered by a prospectus supplement, and may be attached to or
separate from those offered securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a bank or trust company, as warrant agent, all as further set forth in the prospectus supplement
relating to the particular issue of warrants. The warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation or relationship of agency or trust for or with any holders of warrant certificates or
beneficial owners of warrants. A copy of the form of warrant agreement, including the form of warrant certificate representing a series of warrants, will be filed with the SEC in connection with the offering of a particular series of warrants.
Terms of Warrants
The prospectus
supplement relating to a particular issue of warrants to purchase our debt securities, common stock or preferred stock will describe the terms of those warrants, which may include, without limitation, one or more of the following:
|
|
•
|
|
the title or designation of the warrants;
|
|
|
•
|
|
the aggregate number of the warrants;
|
|
|
•
|
|
the price or prices at which the warrants will be issued;
|
|
|
•
|
|
the currency or currencies, including composite currencies or currency units, in which the exercise price of the warrants may be payable;
|
|
|
•
|
|
the designation, aggregate principal amount and terms of the underlying warrant securities purchasable upon exercise of the warrants, and the procedures and conditions relating to the exercise of the warrant securities;
|
|
|
•
|
|
the price at which the underlying warrant securities purchasable upon exercise of the warrants may be purchased;
|
|
|
•
|
|
the date on which the right to exercise the warrants shall commence and the date on which such right shall expire;
|
|
|
•
|
|
whether the warrants will be issued in registered form or bearer form;
|
|
|
•
|
|
if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time;
|
|
|
•
|
|
if applicable, the designation and terms of the underlying warrant securities with which the warrants are issued and the number of the warrants issued with each such underlying warrant security;
|
|
|
•
|
|
if applicable, the currency or currencies, including composite currencies or currency units, in which any principal, premium, if any, or interest on the underlying warrant securities purchasable upon exercise of the
warrant will be payable;
|
|
|
•
|
|
if applicable, the date on and after which the warrants and the related underlying warrant securities will be separately transferable;
|
- 26 -
|
|
•
|
|
information with respect to book-entry procedures, if any; and
|
|
|
•
|
|
any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.
|
Exercise of Warrants
Each warrant will
entitle the holder of the warrant to purchase at the exercise price set forth in the applicable prospectus supplement the principal amount of debt securities or the number of shares of common stock or preferred stock being offered. Holders may
exercise warrants at any time up to the close of business on the expiration date set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will be void. Holders may exercise warrants
as described in the prospectus supplement relating to the warrants being offered.
Until a holder exercises the warrants to purchase our
debt securities or shares of our common stock or preferred stock, the holder will not have any rights as a holder of our debt securities or shares of our common stock or preferred stock, as the case may be, by virtue of ownership of the warrants.
- 27 -
DESCRIPTION OF RIGHTS
Set forth below is a description of the general terms and conditions of the rights that may be offered under this prospectus. The specific
terms and conditions of the rights will be described in a supplement to this prospectus. Any prospectus supplement may add, change, update or supersede the terms and conditions of the rights as described in this prospectus. To the extent the
information contained in the applicable prospectus supplement differs from the description set forth below, you should rely on the information in the applicable prospectus supplement, rights agent or subscription agent agreement and rights
certificate.
General
We may issue
rights to purchase common stock, preferred stock or warrants. The rights may or may not be transferable by the persons purchasing or receiving the rights. In connection with any rights issuance, we may enter into a standby underwriting or other
arrangement with one or more underwriters or other persons pursuant to which such underwriters or other persons would purchase any offered securities remaining unsubscribed for after such rights issuance. Rights may be issued independently or
together with any of our common stock, preferred stock, warrants or debt securities offered by a prospectus supplement, and may be attached to or separate from those offered securities. Each series of rights will be issued under a separate rights
agent or subscription agent agreement to be entered into between us and a bank or trust company, as rights agent or subscription agent, as applicable, all as further set forth in the prospectus supplement relating to the particular issue of rights.
The rights agent or subscription agent will act solely as our agent in connection with the rights and will not assume any obligation or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights. A
copy of the form of rights agent or subscription agent agreement, including the form of rights certificate representing a series of rights, will be filed with the SEC in connection with the offering of a particular series of rights.
Terms of Rights
The prospectus
supplement relating to a particular issue of rights to purchase our common stock, preferred stock or warrants will describe the terms of those rights, which may include, without limitation, one or more of the following:
|
|
•
|
|
the date of determining the security holders entitled to the rights distribution;
|
|
|
•
|
|
the aggregate number of rights issued and the aggregate number of shares of common stock or preferred stock or warrants purchasable upon exercise of the rights;
|
|
|
•
|
|
the conditions to completion of the rights offering;
|
|
|
•
|
|
the date on which the right to exercise the rights will commence and the date on which the rights will expire; and
|
|
|
•
|
|
any applicable federal income tax considerations.
|
Exercise of Rights
Each right would entitle the holder of the right to purchase at the exercise price set forth in the applicable prospectus supplement the number
of shares of common stock or preferred stock or warrants being offered. Holders may exercise rights at any time up to the close of business on the expiration date set forth in the applicable prospectus supplement. After the close of business on the
expiration date, unexercised rights will be void. Holders may exercise rights as described in the prospectus supplement relating to the rights being issued. If less than all of the rights issued in any rights offering are exercised, we may offer any
unsubscribed securities directly to persons other than our security holders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby arrangements, as described in the applicable
prospectus supplement.
- 28 -
Until a holder exercises the rights to purchase shares of our common stock or preferred stock or
warrants, the holder will not have any rights as a holder of shares of our common stock or preferred stock or warrants, as the case may be, by virtue of ownership of the rights.
- 29 -
DESCRIPTION OF PURCHASE CONTRACTS
Set forth below is a description of the general terms and conditions of the purchase contracts that may be offered under this prospectus. The
specific terms and conditions of the purchase contracts will be described in a supplement to this prospectus. Any prospectus supplement may add, change, update or supersede the terms and conditions of the purchase contracts as described in this
prospectus. To the extent the information contained in the applicable prospectus supplement differs from the description set forth below, you should rely on the information in the applicable prospectus supplement and purchase contract.
General
We may issue purchase contracts,
including contracts obligating holders to purchase from us, and for us to sell to holders, a specific or varying number of debt securities, shares of common stock or preferred stock, depositary shares, warrants or any combination of the above, at a
future date or dates. Alternatively, the purchase contracts may obligate us to purchase from holders, and obligate holders to sell to us, a specific or varying number of debt securities, shares of common stock or preferred stock, depositary shares,
warrants or any combination of the above. The price of the securities subject to the purchase contracts may be fixed at the time the purchase contracts are issued or may be determined by reference to a specific formula described in the purchase
contracts. We may issue purchase contracts separately or as a part of units each consisting of a purchase contract and one or more of our other securities described in this prospectus securing the holder’s obligations under the purchase
contract.
If we issue a purchase contract as part of a unit, the applicable prospectus supplement will state whether the purchase
contract will be separable from the other securities in the unit before the purchase contract settlement date. The purchase contracts may require us to make periodic payments to holders or vice versa and the payments may be unsecured or
pre-funded
on some basis. The purchase contracts may require holders to secure the holder’s obligations in a manner specified in the applicable prospectus supplement, and, in certain circumstances, we may
deliver newly issued prepaid purchase contracts, often known as prepaid securities, upon release to a holder of any collateral securing such holder’s obligations under the original purchase contract.
Terms
The prospectus supplement relating
to a particular issue of purchase contracts will describe the terms of those purchase contracts, which may include, without limitation, one or more of the following:
|
|
•
|
|
whether the purchase contracts obligate the holder or us to purchase or sell, or both purchase and sell, the securities subject to purchase under the purchase contract, and the nature and amount of each of those
securities, or the method of determining those amounts;
|
|
|
•
|
|
whether the purchase contracts are to be prepaid or not;
|
|
|
•
|
|
whether the purchase contracts will be issued as part of a unit and, if so, the other securities comprising the unit;
|
|
|
•
|
|
whether the purchase contracts are to be settled by delivery, or by reference or linkage to the value, performance, or level of the securities subject to purchase under the purchase contract;
|
|
|
•
|
|
any acceleration, cancellation, termination, or other provisions relating to the settlement of the purchase contracts; and
|
|
|
•
|
|
whether the purchase contracts will be issued in fully registered or global form.
|
- 30 -
DESCRIPTION OF UNITS
Set forth below is a description of the general terms and conditions of the units that may be offered under this prospectus. The specific
terms and conditions of the units will be described in a supplement to this prospectus. Any prospectus supplement may add, change, update or supersede the terms and conditions of the units as described in this prospectus. To the extent the
information contained in the applicable prospectus supplement differs from the description set forth below, you should rely on the information in the applicable prospectus supplement and unit agreement or indenture.
We may issue units consisting of one or more debt securities, shares of common stock, shares of preferred stock, depositary shares, warrants,
rights or guarantees or any combination of such securities under this prospectus. The specific terms and conditions of the units will be described in a supplement to this prospectus which may include, without limitation, one or more of the
following:
|
|
•
|
|
the title of the series of units;
|
|
|
•
|
|
identification and description of the separate securities comprising the units;
|
|
|
•
|
|
the price or prices at which the units will be issued;
|
|
|
•
|
|
the date, if any, on and after which the securities comprising the units will be separately transferrable; and
|
|
|
•
|
|
any other material terms of the units and the securities comprising such units.
|
- 31 -
PLAN OF DISTRIBUTION
We may sell the securities offered by this prospectus and any applicable prospectus supplement pursuant to underwritten public offerings,
at-the-market
offerings, negotiated transactions, block trades or a combination of these methods. We may sell the securities to or through agents, underwriters or dealers,
directly to one or more purchasers without using underwriters or agents, or through any other method permitted by applicable law and described in the applicable prospectus supplement. We may distribute the securities from time to time in one or more
transactions:
|
|
•
|
|
at a fixed price or prices, which may be changed;
|
|
|
•
|
|
at market prices prevailing at the time of sale;
|
|
|
•
|
|
at prices related to such prevailing market prices; or
|
We may designate agents to solicit offers to purchase our securities.
We will name any agent involved in offering or selling our securities, and any commissions that we will pay to the agent, in the applicable prospectus supplement. Unless we indicate otherwise in the applicable prospectus supplement, our agents will
act on a best efforts basis for the period of their appointment.
Agents could make sales in privately negotiated transactions or any
other method permitted by law, including sales deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act, which includes sales made directly on or through the New York Stock Exchange, the existing
trading market for our common stock, or sales made to or through a market maker other than on an exchange.
If underwriters are used in
the sale, the securities will be acquired by the underwriters for their own account. The underwriters may resell the securities in one or more transactions (including block transactions), at negotiated prices, at a fixed public offering price or at
varying prices determined at the time of sale. We will include the names of the managing underwriter(s), as well as any other underwriters, and the terms of the transaction, including the compensation the underwriters and dealers will receive, in
our prospectus supplement. If we use an underwriter, we will execute an underwriting agreement with the underwriter(s) at the time that we reach an agreement for the sale of our securities. The obligations of the underwriters to purchase the
securities will be subject to certain conditions contained in the underwriting agreement. The underwriters will be obligated to purchase all the securities offered if any of the securities are purchased. Any public offering price and any discounts
or concessions allowed or
re-allowed
or paid to dealers may be changed from time to time. The underwriters will use a prospectus supplement to sell our securities. To the extent that we make sales through one
or more underwriters or agents in
at-the-market
offerings, we will do so pursuant to the terms of a sales agency financing agreement or other
at-the-market
offering arrangement between us and the underwriters or agents. If we engage in
at-the-market
sales pursuant to any such agreement, we will issue and sell securities through one or more underwriters or agents, which may act on an agency basis or on
a principal basis. During the term of any such agreement, we may sell securities on a daily basis in exchange transactions or otherwise as we agree with the underwriters or agents. The agreement will provide that any securities sold will be sold at
prices related to the then-prevailing market prices for our securities. Therefore, exact figures regarding proceeds that will be raised or commissions to be paid cannot be determined at this time.
If we use a dealer, we, as principal, will sell our securities to the dealer. The dealer will then sell our securities to the public at
varying prices that the dealer will determine at the time it sells our securities. We will include the name of the dealer and the terms of our transactions with the dealer in the applicable prospectus supplement. We may directly solicit offers to
purchase our securities, and we may directly sell our securities to institutional or other investors. In this case, no underwriters or dealer would be involved. We will describe the terms of our direct sales in the applicable prospectus supplement.
- 32 -
We may authorize underwriters, dealers or agents to solicit offers from certain types of
institutions to purchase securities from us at the public offering price under delayed delivery contracts. These contracts would provide for payment and delivery on a specified date in the future. The applicable prospectus supplement will provide
the details of any such arrangement, including the offering price and commissions payable on the solicitations.
Underwriters, dealers and
agents that participate in the distribution of the securities may be underwriters as defined in the Securities Act and any discounts or commissions received by them from us and any profit on their resale of the securities may be treated as
underwriting discounts and commissions under the Securities Act. In connection with the sale of the securities offered by this prospectus, underwriters may receive compensation from us or from the purchasers of the securities, for whom they may act
as agents, in the form of discounts, concessions or commissions, which will not exceed 8% of the aggregate amount of the securities offered pursuant to this prospectus and any prospectus supplement. Any underwriters, dealers or agents will be
identified and their compensation described in the applicable prospectus supplement. We may have agreements with the underwriters, dealers and agents to indemnify them against certain civil liabilities, including liabilities under the Securities
Act, or to contribute with respect to payments which the underwriters, dealers or agents may be required to make. Underwriters, dealers and agents may engage in transactions with, or perform services for, us or our subsidiaries in the ordinary
course of their business.
Unless otherwise specified in the applicable prospectus supplement, all securities offered under this
prospectus will be a new issue of securities with no established trading market, other than the common stock, which is currently listed and traded on the New York Stock Exchange. We may elect to list any other class or series of securities on a
national securities exchange or a foreign securities exchange but are not obligated to do so. Any common stock sold by this prospectus will be listed for trading on the New York Stock Exchange subject to official notice of issuance. We cannot give
you any assurance as to the liquidity of the trading markets for any of the securities.
Any underwriter to whom securities are sold by us
for public offering and sale may engage in over-allotment transactions, stabilizing transactions, syndicate covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment transactions involve sales by
the underwriters of the securities in excess of the offering size, which creates a syndicate short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.
Syndicate covering transactions involve purchases of the securities in the open market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters to reclaim a selling concession from a
syndicate member when the securities originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions. These activities may cause the price of the securities to be higher
than it would otherwise be. The underwriters will not be obligated to engage in any of the aforementioned transactions and may discontinue such transactions at any time without notice.
Agents, underwriters and other third parties described above may be entitled to indemnification by us against certain civil liabilities under
the Securities Act or to contribution with respect to payments which the agents or underwriters may be required to make in respect thereof. Agents, underwriters and such other third parties may be customers of, engage in transactions with, or
perform services for us in the ordinary course of business.
- 33 -
LEGAL MATTERS
The validity of the securities offered in this prospectus will be passed upon for us by Norton Rose Fulbright US LLP. Any underwriters,
dealers or agents will be represented by their own legal counsel named in the applicable prospectus supplement.
EXPERTS
The consolidated financial statements of Capital Senior Living Corporation appearing in Capital Senior Living Corporation’s Annual Report
(Form
10-K)
for the year ended December 31, 2015, and the effectiveness of Capital Senior Living Corporation’s internal control over financial reporting as of December 31, 2015 have been audited
by Ernst & Young LLP, independent registered public accounting firm, as set forth in its reports thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein in reliance
upon such reports given on the authority of such firm as experts in accounting and auditing.
- 34 -
$150,000,000
C
APITAL
S
ENIOR
L
IVING
C
ORPORATION
Debt Securities
Common
Stock
Preferred Stock
Depositary Shares
Warrants
Rights
Purchase Contracts
Units
Prospectus
, 2017
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
|
Item 14.
|
Other Expenses of Issuance and Distribution
|
The fees and expenses,
other than underwriting discounts and commission, payable by us in connection with the issuance and distribution of the offered securities as follows:
|
|
|
|
|
|
|
SEC registration fee
|
|
$
|
17,385
|
|
|
Accounting fees and expenses*
|
|
|
20,000
|
|
|
Legal fees and expenses*
|
|
|
50,000
|
|
|
Printing expenses*
|
|
|
15,000
|
|
|
Trustee fees and expenses*
|
|
|
10,000
|
|
|
Miscellaneous fees and expenses*
|
|
|
10,000
|
|
|
Total*
|
|
$
|
122,385
|
|
|
*
|
Estimated solely for this item. Actual expenses may vary.
|
|
Item 15.
|
Indemnification of Directors and Officers
|
We are incorporated
under the laws of the State of Delaware. Section 145 of the Delaware General Corporation Law empowers a Delaware corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of another corporation or other enterprise, against expenses
(including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful. Similar indemnity is authorized
for such persons against expenses (including attorneys’ fees) actually and reasonably incurred in connection with the defense or settlement of any such threatened, pending or completed action or suit if such person acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the corporation, and provided further that (unless a court of competent jurisdiction otherwise provides) such person shall not have been adjudged liable to the
corporation. Any such indemnification may be made only as authorized in each specific case upon a determination by the stockholders or disinterested directors or by independent legal counsel in a written opinion that indemnification is proper
because the indemnitee has met the applicable standard of conduct.
Section 145 further authorizes a corporation to purchase and
maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or
enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the corporation would otherwise have the power to indemnify such
person under Section 145. We expect to maintain policies insuring our and our subsidiaries’ officers and directors against certain liabilities for actions taken in such capacities, including liabilities under the Securities Act.
Article Twelfth of our Certificate of Incorporation eliminates the personal liability of each of our directors to us and our stockholders for
monetary damages for breach of fiduciary duty as a director; provided, however, that such provision does not eliminate or limit the liability of a director (i) for any breach of such director’s duty of loyalty to us or our stockholders,
(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Title 8, Section 174 of the Delaware General Corporation Law (pertaining to certain prohibited acts
including unlawful payments of dividends or unlawful stock purchases or redemptions), as the same exists or as such provision may hereafter be amended, supplemented or replaced, or (iv) for any transactions from which such director derived an
improper personal benefit. In addition, Article
II-1
Twelfth provides that each of our directors will not be personally liable to the fullest extent permitted by any amendment to the Delaware General Corporation Law that further limits the
liability of a director and is enacted after the adoption of our Certificate of Incorporation.
Article Thirteenth of our Certificate of
Incorporation provides that we will indemnify any person who was, is, or is threatened to be made a party to a proceeding by reason of the fact that he or she (i) is or was a director or officer of us or (ii) while a director or officer of
us, is or was serving at the request of us as a director, officer, partner, venturer, proprietor, trustee, employee, agent, or similar functionary of another foreign or domestic corporation, partnership, joint venture, sole proprietorship, trust,
employee benefit plan, or other enterprise, to the fullest extent permitted under the Delaware General Corporation Law. For purposes of Article Thirteenth, a “proceeding” means any threatened, pending, or completed action, suit, or
proceeding, whether civil, criminal, administrative, arbitrative, or investigative, any appeal in such an action, suit, or proceeding, or any inquiry or investigation that could lead to such an action, suit, or proceeding. Such right includes the
right to be paid by us for expenses (including without limitation attorneys’ fees) actually and reasonably incurred by such individual in defending any such proceeding in advance of its final disposition to the maximum extent permitted under
the Delaware General Corporation Law.
The foregoing discussion of Delaware General Corporation Law and our Certificate of Incorporation
is not intended to be exhaustive and is qualified in its entirety by reference to such statute and such Certificate of Incorporation filed with the SEC.
We have obtained a directors’ and officers’ liability insurance policy insuring our directors and officers against certain losses
resulting from wrongful acts committed by them as our directors and officers, including liabilities arising under the Securities Act.
Texas
Corporation Guarantors
Pursuant to the Texas Business Organizations Code (“TBOC”), directors and officers are entitled to
indemnification against reasonable expenses (including attorneys’ fees) whenever they successfully defend legal proceedings brought against them by reason of the fact that they hold such a position with the company. In addition, the TBOC
permits indemnification for judgments, penalties (including excise and similar taxes), fines, settlements and reasonable expenses (including attorney’s fees) actually incurred if it is determined that the person seeking indemnification acted in
good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the company and, with respect to criminal proceedings, he or she had no reasonable cause to believe that his or her conduct was unlawful;
provided, if the person is found liable to the company or liable on the basis that personal benefit was improperly received by him or her, indemnification is limited to reasonable expenses actually incurred by such person and may not be made in
respect of any proceeding in which the person shall have been found liable for willful or intentional misconduct in the performance of his or her duty to the company.
The foregoing discussion of the TBOC is not intended to be exhaustive and is qualified in its entirety by reference to such statute.
Reference is made to the Index to Exhibits following the
signature page, which Index is hereby incorporated by reference into this item.
The undersigned registrant hereby undertakes:
|
|
(1)
|
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
|
|
|
(i)
|
to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
|
II-2
|
|
(ii)
|
to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
|
|
|
(iii)
|
to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
|
Provided
,
however
, that subparagraphs (1)(i), (1)(ii), and (1)(iii) above do not apply if information
required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
|
|
(2)
|
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
|
|
(3)
|
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
|
|
|
(4)
|
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
|
|
|
(i)
|
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration
statement; and
|
|
|
(ii)
|
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or
(x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first
used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus related, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
Provided
,
however
, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
|
|
|
(5)
|
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are
|
II-3
|
|
offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
|
|
|
(i)
|
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
|
|
|
(ii)
|
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
|
|
|
(iii)
|
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
|
|
|
(iv)
|
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
|
|
|
(6)
|
That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final
adjudication of such issue.
|
|
(i)
|
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a
form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
|
|
|
(ii)
|
For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
|
|
(8)
|
File an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed
by the Commission under Section 305(b)(2) of the Trust Indenture Act.
|
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on
Form S-3
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of
Dallas, State of Texas, on January 5, 2017.
|
|
|
|
|
CAPITAL SENIOR LIVING CORPORATION
|
|
|
|
|
By:
|
|
/s/ Lawrence A. Cohen
|
|
Name:
|
|
Lawrence A. Cohen
|
|
Title:
|
|
Chief Executive Officer
|
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned officers and directors of Capital Senior Living Corporation hereby constitutes
and appoints Lawrence A. Cohen, Carey P. Hendrickson and David R. Brickman, and each of them individually, as his true and lawful
attorneys-in-fact
and agents, with full
power of substitution, for him and on his behalf and in his name, place and stead, in any and all capacities, to sign, execute and file any or all amendments (including, without limitation, post-effective amendments) to this registration statement
and any and all registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, with any and all exhibits thereto, and all other documents required to be filed therewith, with the Securities and Exchange Commission or any
regulatory authority, granting unto each such
attorney-in-fact
and agent, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises in order to effectuate the same, as fully to all intents and purposes as he himself might or could do, if personally present, hereby ratifying and confirming all that said
attorneys-in-fact
and agents, or either of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following
persons in the capacities and on the dates indicated:
|
|
|
|
|
|
|
/s/ Lawrence A. Cohen
Lawrence A. Cohen
|
|
Chief Executive Officer, Vice Chairman of the
Board and Director (Principal Executive Officer)
|
|
January 5, 2017
|
|
|
|
|
|
/s/ Carey P. Hendrickson
Carey P. Hendrickson
|
|
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
January 5, 2017
|
|
|
|
|
|
/s/ Phillip A. Brooks
Philip A. Brooks
|
|
Director
|
|
January 5, 2017
|
|
|
|
|
|
/s/ Ed Grier
Ed Grier
|
|
Director
|
|
January 5, 2017
|
|
|
|
|
|
/s/ Kimberly S. Lody
Kimberly S. Lody
|
|
Director
|
|
January 5, 2017
|
|
|
|
|
|
/s/ E. Rodney Hornbake
E. Rodney Hornbake
|
|
Director
|
|
January 5, 2017
|
|
|
|
|
|
/s/ Jill M. Krueger
Jill M. Krueger
|
|
Director
|
|
January 5, 2017
|
II-5
|
|
|
|
|
|
|
/s/ Ronald A. Malone
Ronald A. Malone
|
|
Director
|
|
January 5, 2017
|
|
|
|
|
|
/s/ Michael W. Reid
Michael W. Reid
|
|
Director
|
|
January 5, 2017
|
II-6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on
Form S-3
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of
Dallas, State of Texas, on January 5, 2017.
|
|
|
|
|
CAPITAL SENIOR LIVING PROPERTIES, INC.
|
|
|
|
|
By:
|
|
/s/ Lawrence A. Cohen
|
|
Name:
|
|
Lawrence A. Cohen
|
|
Title:
|
|
Chief Executive Officer and President
|
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned officers and directors of Capital Senior Living Properties, Inc. hereby
constitutes and appoints Lawrence A. Cohen
and Carey P. Hendrickson, and each of them individually, as his true and lawful
attorneys-in-fact
and agents, with full
power of substitution, for him and on his behalf and in his name, place and stead, in any and all capacities, to sign, execute and file any or all amendments (including, without limitation, post-effective amendments) to this registration statement
and any and all registration statements pursuant to Rule 462(b) of the Securities Act of 1933, as amended, with any and all exhibits thereto, and all other documents required to be filed therewith, with the Securities and Exchange Commission or any
regulatory authority, granting unto each such
attorney-in-fact
and agent, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises in order to effectuate the same, as fully to all intents and purposes as he himself might or could do, if personally present, hereby ratifying and confirming all that said
attorneys-in-fact
and agents, or either of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following
persons in the capacities and on the dates indicated:
|
|
|
|
|
|
|
/s/ Lawrence A. Cohen
Lawrence A. Cohen
|
|
Chief Executive Officer and President (Principal Executive Officer)
|
|
January 5, 2017
|
|
|
|
|
|
/s/ Carey P. Hendrickson
Carey P. Hendrickson
|
|
Vice President, Controller and Director
(Principal Accounting and Financial Officer)
|
|
January 5, 2017
|
|
|
|
|
|
/s/ Gloria Holland
Gloria Holland
|
|
Director
|
|
January 5, 2017
|
II-7
INDEX TO EXHIBITS
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
1.1*
|
|
Form of Underwriting Agreement
|
|
|
|
|
4.1
|
|
Amended and Restated Certificate of Incorporation of Capital Senior Living Corporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form
S-1/A
(File
No. 333-33379)
filed with the SEC on September 8, 1997).
|
|
|
|
|
4.1.1
|
|
Amendment to the Amended and Restated Certificate of Incorporation of Capital Senior Living Corporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on
Form 10-Q
filed with the SEC on November 15, 1999).
|
|
|
|
|
4.2
|
|
Second Amended and Restated Bylaws of Capital Senior Living Corporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form
8-K
filed with the SEC on
March 8, 2013).
|
|
|
|
|
4.3*
|
|
Form of Preferred Stock Certificate
|
|
|
|
|
4.4*
|
|
Form of Certificate of Designations
|
|
|
|
|
4.5**
|
|
Form of Senior Indenture
|
|
|
|
|
4.6**
|
|
Form of Subordinated Indenture
|
|
|
|
|
4.7*
|
|
Form of Senior Note
|
|
|
|
|
4.8*
|
|
Form of Subordinated Note
|
|
|
|
|
4.9*
|
|
Form of Deposit Agreement for Depositary Shares
|
|
|
|
|
4.10*
|
|
Form of Depositary Receipt for Depositary Shares
|
|
|
|
|
4.11*
|
|
Form of Warrant Agreement
|
|
|
|
|
4.12*
|
|
Form of Warrant Certificate
|
|
|
|
|
4.13*
|
|
Form of Rights Agent Agreement or Subscription Agreement
|
|
|
|
|
4.14*
|
|
Form of Rights Certificate
|
|
|
|
|
4.15*
|
|
Form of Purchase Contract
|
|
|
|
|
4.16*
|
|
Form of Unit Agreement
|
|
|
|
|
4.17*
|
|
Form of Unit Certificate
|
|
|
|
|
5.1**
|
|
Opinion of Norton Rose Fulbright US LLP
|
|
|
|
|
12.1**
|
|
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
|
|
|
|
|
23.1**
|
|
Consent of Counsel (contained in Exhibit 5.1)
|
|
|
|
|
23.2**
|
|
Consent of Ernst & Young LLP
|
|
|
|
|
24.1**
|
|
Power of Attorney (included on signature pages)
|
|
|
|
|
25.1*
|
|
Form T-1
Statement of Eligibility and Qualification respecting the Indenture and the Subordinated Indenture
|
|
*
|
To be filed, if necessary, by amendment or as an exhibit to a Current Report on
Form 8-K
and incorporated herein by reference.
|
II-8
Capital Senior Living (NYSE:CSU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Capital Senior Living (NYSE:CSU)
Historical Stock Chart
From Apr 2023 to Apr 2024
