Triad Hospitals, Plano, Texas, said it will offer about 3.6 million new shares to the public to raise net proceeds of about $189 million at current market prices. The company also said that the offering's underwriters, led by Merrill Lynch, Citigroup and Banc of America Securities, will have the option to purchase up to 546,000 more shares to fill customer orders if necessary, raising the net proceeds to as much as $217.5 million. The company said it would use the funds for general corporate purposes, including acquisitions of hospitals and expansions of the hospitals in its current portfolio, which includes 52 hospitals in 15 states. Triad shares are trading at an all-time high in the company's six-year history, closing at or above $50 per share every day in June. -- by Vince Galloro
Triad to sell millions of shares in public offering
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