Sun Healthcare Group offering 19.3 million shares
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.