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      8K Debenture offer Feb 06 07
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      8-K</strong></font></div>
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      REPORT</strong></font></div>
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      to Section 13 or 15(d) of</strong></font></div>
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      Securities Exchange Act of 1934</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      report (Date of earliest event reported):</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      February 6, 2007</strong></font></div>
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      CORPORATION</strong></font></div>
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                Employer Identification No.)</font></div>
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      Elliott Avenue, Suite 500</font></div>
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      Washington 98121</font></div>
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      of principal executive offices) (Zip Code)</font></div>
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      298-2909</font></div>
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      telephone number, including area code)</font></div>
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      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
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      Written
      communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
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      Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
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      Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font></div>
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      communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      8.01 Other Events.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      February 6, 2007, Emeritus Corporation (the "Company") announced that it has
      made an offer to the holders of its 6.25% Convertible Subordinated Debentures
      due 2008 ("debentures") to pay each holder who elects to convert its debentures
      in full by March&#160;8, 2007 an amount in cash equal to the amount of interest
      the holder would receive if the debentures were held to maturity. Acceptance
      of
      the offer is entirely voluntary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has $26,575,000 principal amount of debentures outstanding. The
      debentures are currently convertible into shares of common stock of the Company
      at a price of $22.00 per share. The Company's offer is not conditioned on a
      minimum amount of debentures being converted. For each $1,000 in principal
      amount of debentures converted on or before March&#160;8, 2007, the Company will
      pay the holder $93.75 in cash on April 16, 2007. This amount represents the
      amount of interest that a holder would receive from January&#160;1, 2007, the
      last interest payment date, through July&#160;1, 2008, the maturity date of the
      debentures, if such holder held the debentures to maturity. The debentures
      that
      are not converted will remain outstanding and will mature July 1, 2008, unless
      earlier converted. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      all of
      the outstanding debentures are converted to common stock in accordance with
      their terms at the conversion price of $22 per share, the Company would issue
      1,207,955 shares of common stock and pay approximately $2.5 million in cash
      in
      April 2007. This amount would otherwise be paid as interest in three equal
      installments of approximately $830,000 on July&#160;1, 2007, January&#160;1,
      2008, and July&#160;1, 2008. The amount of cash paid to holders of the
      debentures who elect to convert in response to the Company's offer ($2.5 million
      assuming all of the outstanding debentures are converted) will be expensed
      in
      first quarter of 2007, the period in which holders elect to
      convert.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Of
      the
      debentures, 21.8% are beneficially owned by approximately 17 holders who are
      not
      affiliates of ours and 78.2% are beneficially owned by affiliates. Entities
      controlled by Daniel R. Baty, who beneficially owns approximately 29.4% of
      our
      outstanding common stock and who is our chief executive officer, own $15.8
      million principal amount of debentures, or approximately 59.4% of outstanding
      debentures. Entities affiliated with Saratoga Partners IV, L.P., which
      beneficially own approximately 34.1% of the Company&#8217;s outstanding common stock
      and which are represented on the Company&#8217;s Board by two directors, own $5.0
      million principal amount of debentures, or approximately 18.8% of outstanding
      debentures. Representatives of the Baty Entities have informed us that they
      intend to convert all of their debentures in the offer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01 Exhibits and Financial Statements.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(d)
      Exhibits.</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release dated February 6, 2007, </font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, as amended, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned, hereunto duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                February 6, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td valign="bottom" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EMERITUS
                CORPORATION</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="35%">&#160;</td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td align="left" valign="bottom" width="40%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="35%">&#160;</td>
            <td align="right" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
            </td>
            <td align="left" valign="bottom" width="40%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
                </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                Raymond R. Brandstrom</font></div>
            </td>
          </tr>
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            <td align="left" valign="bottom" width="35%">&#160;</td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td align="left" valign="bottom" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
                R. Brandstrom</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="35%">&#160;</td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td align="left" valign="bottom" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vice
                President of Finance, Chief Financial Officer</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="35%">&#160;</td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td align="left" valign="bottom" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                Secretary</font></div>
            </td>
          </tr>

      </table>
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    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INDEX
      TO EXHIBITS</strong></font></div>
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            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release dated February 6, 2007</font></div>
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[{"type": "8-K", "sequence": "1", "filename": "debentureofferfeb0607.htm", "description": "8K DEBENTURE OFFER FEB 06 07", "secsgml_size_bytes": 29797}]
{"company-data": {"conformed-name": "EMERITUS CORP\\WA\\", "cik": "0001001604", "assigned-sic": "8050", "irs-number": "911605464", "state-of-incorporation": "WA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14012", "film-number": "07585140"}, "business-address": {"street1": "3131 ELLIOTT AVENUE", "street2": "SUITE 500", "city": "SEATTLE", "state": "WA", "zip": "98121", "phone": "2062982909"}, "mail-address": {"street1": "3131 ELLIOTT AVE STE 500", "city": "SEATTLE", "state": "WA", "zip": "98121"}}
8K Debenture offer Feb 06 07
U.S.
      SECURITIES AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
____________
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of
the
      Securities Exchange Act of 1934
Date
      of
      report (Date of earliest event reported):
February 6, 2007
EMERITUS
      CORPORATION
(Exact
      name of registrant as specified in charter)
Washington
1-14012
91-1605464
(State
                or other jurisdiction of incorporation)
(Commission
                File Number)
(IRS
                Employer Identification No.)
3131
      Elliott Avenue, Suite 500
Seattle,
      Washington 98121
(Address
      of principal executive offices) (Zip Code)
(206)
      298-2909
(Registrant's
      telephone number, including area code)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
x
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Item
      8.01 Other Events.
On
      February 6, 2007, Emeritus Corporation (the "Company") announced that it has
      made an offer to the holders of its 6.25% Convertible Subordinated Debentures
      due 2008 ("debentures") to pay each holder who elects to convert its debentures
      in full by March 8, 2007 an amount in cash equal to the amount of interest
      the holder would receive if the debentures were held to maturity. Acceptance
      of
      the offer is entirely voluntary.
The
      Company has $26,575,000 principal amount of debentures outstanding. The
      debentures are currently convertible into shares of common stock of the Company
      at a price of $22.00 per share. The Company's offer is not conditioned on a
      minimum amount of debentures being converted. For each $1,000 in principal
      amount of debentures converted on or before March 8, 2007, the Company will
      pay the holder $93.75 in cash on April 16, 2007. This amount represents the
      amount of interest that a holder would receive from January 1, 2007, the
      last interest payment date, through July 1, 2008, the maturity date of the
      debentures, if such holder held the debentures to maturity. The debentures
      that
      are not converted will remain outstanding and will mature July 1, 2008, unless
      earlier converted.
If
      all of
      the outstanding debentures are converted to common stock in accordance with
      their terms at the conversion price of $22 per share, the Company would issue
      1,207,955 shares of common stock and pay approximately $2.5 million in cash
      in
      April 2007. This amount would otherwise be paid as interest in three equal
      installments of approximately $830,000 on July 1, 2007, January 1,
      2008, and July 1, 2008. The amount of cash paid to holders of the
      debentures who elect to convert in response to the Company's offer ($2.5 million
      assuming all of the outstanding debentures are converted) will be expensed
      in
      first quarter of 2007, the period in which holders elect to
      convert.
Of
      the
      debentures, 21.8% are beneficially owned by approximately 17 holders who are
      not
      affiliates of ours and 78.2% are beneficially owned by affiliates. Entities
      controlled by Daniel R. Baty, who beneficially owns approximately 29.4% of
      our
      outstanding common stock and who is our chief executive officer, own $15.8
      million principal amount of debentures, or approximately 59.4% of outstanding
      debentures. Entities affiliated with Saratoga Partners IV, L.P., which
      beneficially own approximately 34.1% of the Company's outstanding common stock
      and which are represented on the Company's Board by two directors, own $5.0
      million principal amount of debentures, or approximately 18.8% of outstanding
      debentures. Representatives of the Baty Entities have informed us that they
      intend to convert all of their debentures in the offer.
Item
      9.01 Exhibits and Financial Statements.
(d)
      Exhibits.
99.1
Press
                Release dated February 6, 2007,
[The
      rest
      of this page is intentionally left blank]
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, as amended, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned, hereunto duly authorized.
Dated:
                February 6, 2007
EMERITUS
                CORPORATION
By:
/s/
                Raymond R. Brandstrom
Raymond
                R. Brandstrom
Vice
                President of Finance, Chief Financial Officer
and
                Secretary
INDEX
      TO EXHIBITS
99.1
Press
                Release dated February 6, 2007