Sun Health­care read­ies pub­lic of­fer­ing of 26.7 mil­lion shares

Modern Healthcare - - Late News -

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. 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 com­pany. Sun Health­care’s sub­sidiaries in­clude nurs­ing-cen­ter op­er­a­tor Sun­Bridge Health­care Corp., re­hab provider Sun­Dance Rehabilitation, med­i­cal staffing firm Ca­reerStaff Un­lim­ited and hospice provider So­lAmor Hospice. The com­pany had $42 mil­lion in earn­ings be­fore in­ter­est, taxes, de­pre­ci­a­tion and amor­ti­za­tion on $475 mil­lion in rev­enue in the quar­ter ended June 30. Richard Ma­tros, Sun’s CEO and chair­man, is the eighth-high­est paid CEO on Mod­ern Health­care’s rank­ing of health­care for-profit spe­cialty-care providers (See re­lated story and chart, p. 6).

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