Acadia Healthcare (ACHC) Underwriters Exercise Full Overallotment in Recent Offering

December 26, 2012 8:36 AM EST
Acadia Healthcare Company, Inc. (Nasdaq: ACHC) announced the sale of additional shares of common stock pursuant to the underwriters’ exercise in full of their option to purchase additional shares related to the Company’s previously announced registered public offering of 10,576,623 shares that closed December 12, 2012. In exercising this option, the underwriters purchased an additional 1,050,000 shares of common stock from the Company and an additional 533,153 shares of common stock from certain of the selling stockholders, collectively, all at the public offering price less underwriting discounts and commissions.

Acadia received approximately $173.0 million in net proceeds from the offering, after deducting underwriting discounts and commissions and estimated expenses of the offering, including approximately $22.7 million from the exercise of the underwriters’ option. Acadia expects to use the net proceeds from the offering principally to fund its acquisition strategy, particularly the planned acquisitions of Behavioral Centers of America, LLC and AmiCare Behavioral Centers, LLC, and otherwise for general corporate purposes, which may include the repayment of debt under its senior secured credit facility. Acadia did not receive any proceeds from the sale of shares by the selling stockholders.

BofA Merrill Lynch, Citigroup and Jefferies & Company, Inc. acted as joint book-running managers for the offering, and RBC Capital Markets, Raymond James & Associates, Inc. and Avondale Partners, LLC acted as co-managers.

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