Beverly Agrees to Sell Florida Nursing Homes

Beverly Enterprises Inc., the largest operator of skilled-care nursing homes in the U.S., agreed to sell 49 skilled nursing facilities and four assisted living centers in Florida for $165 million in cash to pay down debt.

NMC of Florida, an affiliate of Vantage Medical Inc. and Formation Capital, will buy the facilities and agreed to terms for senior debt financing with UBS Warburg and Heller Healthcare, Beverly said in a statement. The sale is expected to be complete by the fourth quarter.

Beverly announced earlier this year that it was seeking to sell its Florida operations because it was struggling with legal costs.

Shares of Fort Smith, Ark.-based Beverly fell 18 cents to $10.20 on the NYSE.