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Sun Healthcare Group offering 19.3 million shares

Tue, 08/03/2010 - 7:45am
The Associated Press

Health care facility operator Sun Healthcare Group Inc. said Tuesday it is publicly offering 19.3 million shares of common stock.

The company will also give underwriters a 30-day option to buy up to 2.9 million additional shares of stock to cover any overallotments. Sun said it would use the proceeds to repay a portion of the outstanding term loans under its existing credit facility.

Sun has about 44 million shares of common stock outstanding.

Jefferies & Co., Credit Suisse Securities, and J.P. Morgan Securities Inc. are the joint book-running managers for the offering.

Shares of Sun Healthcare fell 41 cents, or 4.7 percent, to $8.25 in morning trading. The stock has traded between $6.67 and $10.34 over the last 52 weeks.

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