The rehabilitation and medical staffing company Sun Healthcare Group, Irvine, Calif., announced plans for a public offering of 26.7 million shares, with the net proceeds expected to total between $195 million and $225 million, according to a news release from the company.
Sun Healthcare Group announces public offering
The offering, which is being underwritten by financiers who have 30-day options to purchase an additional 4 million shares, will be used to pay down a portion of an existing credit facility by the publicly traded Sun Healthcare Group.
Sun Healthcare trades on the Nasdaq; its subsidiaries include nursing-center operator SunBridge Health Care Corp., rehab provider SunDance, medical staffing firm CareerStaff Unlimited and hospice provider SolAmor. The company had $42 million in earnings before interest, taxes, depreciation and amortization on $475 million in revenue for the quarter ended June 30.
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